03 Dec 2025

Freshfields Advises Charterhouse on Strategic Investment in Winback

"Freshfields advised Charterhouse Capital Partners on its strategic investment in French medtech Winback, with Winback's management reinvesting and minority shareholder CAPZA exiting. Winback, founded in 2013 and headquartered in Biarritz, supplies TECAR, radiofrequency, cryotherapy, compression and digital solutions to over 15,000 clinics in 55 countries."

Freshfields advised Charterhouse Capital Partners on its strategic investment in Winback. The transaction sees Charterhouse make a strategic investment in Winback, a leading French medtech company specialising in non‑invasive medical, rehabilitation, sports recovery and aesthetic technologies. The investment is made in partnership with Winback’s management team, which will reinvest significantly in the business. As part of the transaction, CAPZA, the existing minority shareholder that has backed the group since 2021, will exit. 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 and serves over 15,000 clinics and practices across 55 countries, with circa 60% of its sales generated internationally. Freshfields represented Charterhouse Capital Partners with a team composed by: partner Yann Gozal (lead on the corporate aspects), senior associate Aia Eid (corporate aspects), partner Marie Roche (finance aspects) and counsel Thomas Jeannin (finance aspects).
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