Bestsmile is the latest subsidiary to join the ranks of Migros, Switzerland’s largest retailer. The Migros-Genossenschafts-Bund (MGB) acquired the start-up at the end of March, further details of which can be found in a press release. The venture capital arm of the Migros Group, Sparrow Ventures, will manage bestsmile on behalf of the MGB.
Bestsmile specializes in the production of transparent braces for adults. These are manufactured in Switzerland via a 3D printing process. Founded in 2018, the Winterthur-based start-up operates a network of 36 clinics and employs 320 staff. In 2021, bestsmile generated sales of approximately 50 million Swiss francs.
With this takeover, MGB is seeking to strengthen its health strategy and expand its offering in the area of dental care, the press release states. “In 2019, we came on board as an investor and have always believed in the team and its potential”, comments Lorenz Lüchinger, CEO of Sparrow Ventures. The positive business development and rapidly growing market have now prompted Migros to acquire the company, he explains further.
With this successful exit, the three founders, namely Marcel Kubli, Philip Magoulas and Ertan Wittwer, (former COO, CFO and CEO respectively) are to withdraw from the operating business. According to the press release, the future management team is to be formed from within bestsmile. In a next step, the company will focus on driving growth by launching new products, among other measures.