December 02, 2025

Charterhouse Capital Partners (“Charterhouse”), one of the longest established private equity firms operating in Europe, today announces that it has agreed to invest in Winback, a leading French medtech company specialising in non-invasive medical, rehabilitation, sports recovery, and aesthetic technologies, in partnership with Winback’s management team, who will reinvest significantly in the business. CAPZA, the existing minority shareholder, which has backed the group since 2021, will exit as part of the transaction.  

Founded in 2013, Winback is a global leader specialising in TECAR and radiofrequency therapy, cryotherapy and compression systems and digital service solutions used across physiotherapy, sports medicine, chronic pain, women’s health, and aesthetic care. Headquartered in Biarritz, France, the platform has a fully integrated value chain including proprietary technology that services over 15,000 clinics and practices across 55 countries, with circa 60% of its sales generated internationally. 
Winback benefits from favourable industry tailwinds across the global health and wellness market, including increasing demand for non-drug solutions, strong growth in post-surgery rehabilitation and a rising focus on prevention, rapid recovery and performance. 

Charterhouse will use its proven expertise in building and internationalising leading European companies across the healthcare space to support the next stage of Winback’s growth journey, in partnership with the company’s management team.

Today’s announcement follows other recent healthcare investments by Charterhouse, one of its two sectors of specialisation, including Metrodora, a Spanish provider of training and education for healthcare professionals, and Skin Tech Pharma Group, a leading B2B medical aesthetics platform. 

It also recently welcomed new investors in Novétude Group, which Charterhouse first invested in in 2020, as it continues to help the company grow into a leading pan-European healthcare education platform.