Charterhouse Capital Partners announces investment in Winback, a leading French provider of non-invasive medical, rehabilitation, sports recovery, and aesthetic technologies

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.

Pierre de Sarrau and Cédric Barthélemy, both Partners at Charterhouse, said: “Winback represents the very best of European medtech innovation: proprietary technology, strong clinical credibility, and deep expertise across physiotherapy, sports recovery and aesthetic care. Our investment builds on Charterhouse’s long-standing track record in healthcare and we are excited to partner with Winback’s leadership team to accelerate the company’s international expansion and reinforce its position as a global leader in non-invasive treatment solutions.”

Christophe Buée and Pierre Lebas, Co-CEOs of Winback, said: “Partnering with Charterhouse, a firm with deep healthcare expertise and a clear vision for international growth, marks an important milestone in our growth journey. Together, Winback is well positioned to continue to expand globally, accelerate innovation and enhance the experience we offer to healthcare professionals and patients worldwide. We would also like to thank the CAPZA team for their support during our four-year journey.”

Fabien Bernez, Partner at CAPZA, said: “During our partnership with Winback, the company has significantly strengthened its international footprint and expanded across physiotherapy, sports and aesthetic applications. We are pleased to have supported two outstanding entrepreneurs and their team during this phase of growth. We are now delighted to hand over the reins to Charterhouse and are confident that they are the right partner to guide the business through its next stage of global expansion.”