Dec’ 2021

CAPZA enters the capital of Winback

Winback, one of the fastest growing companies in the rehab industry, announces close of a 30 million dollars funding round from CAPZA to pursue its innovation & international development.

CAPZA acquires a minority share in Winback, world leader in the field of TECAR therapy (high frequency electrotherapy) through a $30m funding round.


Founded by Christophe Buée and Pierre-Nicolas Lebas less than 10 years ago, Winback designs, manufactures, and distributes cutting-edge medical devices based on three non-invasive technologies (TECAR, cryotherapy and compression). Over the last years, the company has become the market leader in the emerging TECAR technology. Highly praised by physiotherapists and sports specialists for its therapeutic applications, it aims to relieve pain, treat inflammation, and accelerate recovery phase.


Winback has always put innovation and user experience at the heart of its development. Combined with the involvement of thousands of therapists within the Winback Academy, the Group has quickly become leader in TECAR technology in the rehab world with nearly 8,000 therapists using Winback products and 70,000 treatments performed every day.


With a highly diversified and international customer base covering 3 continents (Europe, Asia and America), the Group has reached a turnover of more than 30 million dollars in 2021, almost half of which generated at international level. Over the last three years, Winback has made 4 acquisitions in France, Germany and in the United Kingdom in order to reinforce its footprint in the largest EMEA countries and has established two entities in South Korea and the United States to address the Asia and American markets.

We believe in the strong potential of the Group, which has demonstrated its ability to innovate and its experience in external growth and internationalization.
Fabien Bernez, Flex Equity Partner

Based in Biarritz (France), the Group employs more than 120 talents around the world who constitute a strong sales & marketing, operations, and R&D platform to pursue its growth potential.


With CAPZA’s support, Winback aims to accelerate its international development, in particular through targeted acquisitions, to expand its product offering and innovation capacity.


“We were attracted by Winback’s development project, led by a management team with a real strategic vision. We believe in the strong potential of the Group, which has demonstrated its ability to innovate and its experience in external growth and internationalization. We are proud to work alongside them in this new chapter of their growth.” – Fabien Bernez, Flex Equity Partner, CAPZA.


“We strongly believe in the central role of rehab professionals in enabling patients to live longer while maintaining a more active and pain-free lifestyle. Our innovative technologies deliver better pain management and healing process, faster recovery, together with a gentle and unique patient experience. CAPZA team has an amazing track record and expertise in supporting growing medical device companies. With their help, we are excited to have increasing capacity to educate the market, develop innovation and boost out international growth, potentially through targeted acquisitions.” – Pierre-Nicolas Lebas and Christophe Buée.


This is the 9th transaction of the CAPZA 5 Flex Equity Fund and the 34th transaction in the healthcare sector.

Flex Equity
Flex Equity
Flexible financing solutions combining equity and mezzanine
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89 transactions since 2004
Source: CAPZA as of 31/10/2023
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