Ahlsell – Ahlsell launches a public tender offer for Swiss Meier Tobler Group AG
Ahlsell today announces a public tender offer for Meier Tobler, a leading publicly listed Swiss technical distributor within heating, ventilation, air-conditioning and plumbing.
The proposed transaction would bring together complementary expertise and capabilities, creating opportunities to further strengthen the offering to professional customers. It marks a significant step in Ahlsell’s growth journey, expanding the Group’s geographical footprint into Switzerland and Central Europe.
Switzerland is an attractive and resilient market in the center of Europe, with long-term growth opportunities supported by the energy transition. Ahlsell has followed the Swiss market closely for years and has been impressed by Meier Tobler’s performance and its leading position. Through Meier Tobler, Ahlsell would gain access to a strong platform for further growth, while also strengthening Ahlsell’s multi-vertical offering.
Meier Tobler has a long history in the Swiss HVAC and plumbing market, dating back to 1937. The company has approximately 1 300 employees and reported net sales of CHF 497 million in 2025. Its business and operating model, with a state-of-the-art central warehouse and extensive branch network, closely resembles Ahlsell’s. Meier Tobler also brings complementary expertise in heating solutions, climate systems and a nationwide technical service organization. The two companies, both of which originated as small family businesses, also share the same values regarding quality, reliability and sustainability.
With the proposed transaction, Ahlsell aims to support Meier Tobler’s long-term growth strategy through the exchange of complementary expertise and capabilities. The combination provides opportunities for both companies to improve their customer value propositions by broadening assortments and customer segments. Ahlsell is also looking forward to working closely with the existing management and intends to preserve jobs and local presence in Switzerland.
“Meier Tobler is a strong and well-established business with an operating model that closely resembles Ahlsell. We share the same strong focus on our customers and recognise that our employees are key to our success. In addition, Meier Tobler brings specialist expertise that are highly complementary to our Group. We see this as an important step in our growth journey, establishing Ahlsell in the attractive Swiss market in the heart of Europe and creating a platform for continued growth”, says Claes Seldeby, President and CEO of Ahlsell.
“Ahlsell knows our business like no other company. They are a long-term strategic owner that shares our values and roots as a family business. As part of the group, we will have access to additional expertise, particularly in digitalization, product range, procurement and logistics. I am convinced that this is the right step for our employees, customers and suppliers”, says Roger Basler, CEO of Meier Tobler.
The tender offer, contains a number of customary conditions, including obtaining the necessary approvals from the relevant authorities. UBS has acted as exclusive financial adviser and Bär & Karrer has acted as legal adviser to Ahlsell.
More information on the tender offer: ahlsellgroup.com/media
SourceAhlsell
EMR Analysis
More information on Ahlsell: See the full profile on EMR Executive Services
More information on Claes Seldeby (President and Chief Executive Officer, Ahlsell Group + Acting Chief Executive Officer, Ahlsell Sverige AB, Ahlsell Group): See the full profile on EMR Executive Services
More information on Kristian Ackeby (Chief Financial Officer, Ahlsell Group): See the full profile on EMR Executive Services
More information on Ahlsell’s 2030 Strategy by Ahlsell: See the full profile on EMR Executive Services
More information on Meier Tobler Group AG: https://www.meiertobler.ch/fr + The company Meier Tobler was founded in 1937. The Swiss specialist in building services technology has its headquarters in Schwerzenbach in the canton of Zurich. Meier Tobler’s shares are traded on the Swiss stock exchange SIX Swiss Exchange (symbol: MTG). Meier Tobler employs around 1,300 people in all language regions of Switzerland. Meier Tobler specializes in the areas of trade, heat generation, climate systems and service. In the trade business, Meier Tobler supplies its B2B partners with components and installation materials for heating, ventilation, air conditioning and sanitary systems. The heat generation and climate systems divisions plan and deliver energy-efficient solutions for all types of buildings to installation partners. In the service business, Meier Tobler offers 24/7 services throughout Switzerland for all delivered systems in residential and commercial construction and throughout the entire life cycle.
More information on Roger Basler (Chief Executive Officer, Meier Tobler Group AG): See the full profile on EMR Executive Services
More information on UBS: https://www.ubs.com/ch/en.html + UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. UBS manages 6.9 trillion dollars of invested assets as per the first quarter 2026. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
More information on Sergio P. Ermotti (Group Chief Executive Officer, UBS): https://www.ubs.com/global/en/our-firm/governance/ubs-group-ag/group-executive-board.html + https://www.linkedin.com/in/sergiopermotti/
More information on Bär & Karrer: https://www.baerkarrer.ch/en/ + Bär & Karrer is a leading Swiss law
firm with more than 200 lawyers. Our core business is advising our clients on innovative and complex transactions and representing them in litigation, arbitration and regulatory proceedings. Our clients range from multinational corporations to private individuals in Switzerland and around the world.
Most of our work has an international component. We have broad experience handling cross-border proceedings and transactions. Our extensive network consists of correspondent law firms which are all market leaders in their jurisdictions.
More information on Susanne Schreiber (Senior Partner and Chair of the Board of Directors, Bär & Karrer): https://www.baerkarrer.ch/en/lawyers/ + https://www.linkedin.com/in/susanne-schreiber-baerkarrer/
EMR Additional Notes:
- Public Tender Offer (PTO):
- A tender offer is a public invitation by a company, investor or other acquiring party (the bidder) to shareholders or other security holders of a company to sell some or all of their shares or securities at specified terms within a defined period. The offer sets out the proposed purchase price or other consideration, the number or proportion of securities sought, the acceptance period and any conditions that must be satisfied before the transaction can be completed.
- The offered price is often higher than the prevailing market price to encourage shareholders to accept the offer, although a premium is not obligatory. The offer may be conditional on acquiring a minimum number or proportion of shares, and may also specify a maximum amount the bidder is willing to purchase. Each eligible shareholder generally decides individually whether to tender their securities.
- Tender offers are commonly used in corporate acquisitions, takeovers and share repurchase programmes. A third-party tender offer is made by an external bidder seeking to acquire securities in another company, whereas an issuer tender offer is made by a company seeking to repurchase its own securities. The applicable disclosure requirements, procedures and shareholder protections depend on the jurisdiction and the nature of the offer.
- HVAC-R (Heating, Ventilation, and Air Conditioning – Refrigeration):
- Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC-R) refers to the technologies, systems, and engineering disciplines used to control temperature, humidity, air quality, air movement, and refrigeration processes within residential, commercial, industrial, and institutional environments.
- Heating, ventilation, and air conditioning is the use of various technologies to control the temperature, humidity, and indoor air quality (IAQ) of an enclosed space. Its goal is to provide thermal comfort, occupant health and safety, and acceptable indoor air quality.
- HVAC-R involves the design, installation, operation, maintenance, repair, and optimization of heating, ventilation, air conditioning, and refrigeration systems.
- The HVAC portion focuses on:
- Heating (boilers, furnaces, heat pumps, electric heaters)
- Ventilation (fresh air supply, exhaust air, filtration, air distribution)
- Air Conditioning (cooling, dehumidification, temperature control)
- The refrigeration portion focuses on:
- Cooling and preserving products, materials, or processes at temperatures below ambient conditions
- Applications such as cold storage, food processing, supermarkets, pharmaceutical facilities, industrial processes, and data center cooling systems
- HVAC-R systems typically include equipment such as:
- Chillers
- Cooling towers
- Air Handling Units (AHUs)
- Rooftop Units (RTUs)
- CRAC/CRAH units
- Heat pumps
- Compressors
- Refrigeration plants
- Ductwork and piping systems
- Building Management Systems (BMS)
- Warehouses, Distribution Center (DC) and Logistic Center:
- Warehouse:
- A warehouse is a facility primarily used for the storage and preservation of goods over medium to long periods. Its main purpose is to hold inventory efficiently, with limited handling or value-added processing.
- Distribution Center (DC):
- A distribution center (DC) is a facility designed for the rapid handling and movement of goods. While it includes storage, inventory is typically held for short durations, and the facility emphasizes order fulfillment and outbound distribution.
- Logistics Center:
- Logistics Center is, in a formal sense, the most comprehensive and strategic of the three.
- A logistics center is a multifunctional hub that integrates storage, distribution, transportation coordination, and value-added logistics services within a broader supply chain network.
- It often includes:
- Warehousing + DC functions
- Transport hubs (road, rail, air, or sea links)
- Customs handling / import-export processing
- Inventory coordination across multiple sites
- It often includes:
- Warehouse:
- Procurement: Sourcing and Purchasing:
- Sourcing is the strategic procurement process of identifying, evaluating, selecting, and developing relationships with suppliers to obtain the best long-term value for an organization. It focuses on supplier capability, cost optimization, quality, risk management, and supply continuity.
- Typical sourcing activities include:
- Supplier identification and qualification
- RFIs, RFPs, and RFQs
- Supplier evaluation and audits
- Price and contract negotiations
- Supplier relationship management (SRM)
- Risk assessment and supply chain diversification
- Typical sourcing activities include:
- Purchasing is the operational process of procuring goods and services from approved suppliers. It focuses on executing transactions efficiently and ensuring that materials are delivered at the right price, quantity, quality, and time.
- Typical purchasing activities include:
- Creating purchase requisitions
- Issuing purchase orders (POs)
- Order confirmations
- Expediting deliveries
- Receiving goods
- Invoice matching and payment coordination
- Typical purchasing activities include:
- Procurement is the broader function that encompasses both sourcing and purchasing.
- Procurement = Sourcing + Purchasing + Contract Management + Supplier Management + Procurement Operations
- Sourcing decides who the company should buy from.
- Purchasing executes what, when, and how much to buy from those approved suppliers.
- This distinction is especially important in manufacturing, industrial automation, EPC projects, and large enterprises, where sourcing teams negotiate strategic supplier agreements while purchasing teams handle the day-to-day procurement of materials and services.
- Sourcing is the strategic procurement process of identifying, evaluating, selecting, and developing relationships with suppliers to obtain the best long-term value for an organization. It focuses on supplier capability, cost optimization, quality, risk management, and supply continuity.