Singulier supported Pictet Group on its investment in Tretor with commercial due diligence

We conducted the commercial due diligence for Pictet, evaluating the robustness and scalability of Tretor AG’s accounting services platform in a changing Swiss market.   

We assessed Tretor’s business across six key areas, including operations, technology, and growth strategy. Our analysis demonstrated Tretor’s potential to lead a Swiss SME accounting group through digital and regulatory changes.

Transaction Overview

Pictet’s Direct Private Equity strategy invested in Tretor AG, establishing the foundation of a new group supporting SMEs across Switzerland with accounting, tax advisory, auditing, and interim CFO services. This partnership aims to create a leading Swiss accounting services group by combining locally rooted firms with centralised expertise in technology, talent, and quality management.

The platform will selectively add partner firms that share Tretor’s commitment to quality, long-term client relationships, and sustainable development. By centralising functions such as digitalisation, AI, IT, controlling, and quality management, the group aims to address increasing complexity in compliance, technology, and talent for small and medium-sized accounting firms.

About the Companies

Pictet Group is a partnership of owner‑managers focused exclusively on wealth management, asset management, alternative investment solutions and related asset services. Through Pictet Alternative Advisors, the Group manages hedge funds, private equity, private debt and real estate investments, with the Direct Private Equity team specialising in majority stakes in entrepreneur‑led and family‑owned businesses with resilient, high‑growth profiles.

TRETOR AG is a leading accounting services company based in Liestal, with a branch office in Basel, providing accounting, auditing, tax consulting, corporate advisory, and interim financial management services, primarily to SMEs, start-ups, medical institutions, and public organisations in Northwestern Switzerland. With more than 50 employees and over 30 years of history, Tretor focuses on practical, long‑term client relationships and combines local market knowledge with international expertise through its advisory network.

Singulier’s role:

Key workstreams:

• Reviewed Tretor’s business model, customer mix, workflow, and profitability to assess operational strengths and areas for improvement.
• Analysed the Swiss accounting market, reviewing size, growth, segmentation, pricing, and key trends impacting demand and competition.
• Assessed how digitalisation and AI influence SME service demand, revenue profiles, and future growth potential.
• Mapped competitive landscape and customer retention factors, highlighting market structure and profitability drivers.
• Tech readiness and operating model review, evaluating tech stack, integration, scalability and organisational readiness for a platform set‑up.
• Outlined strategic options and value creation levers, recommending operating model choices, margin improvements, and growth strategies.

We delivered the project in close collaboration with Nicolaus Hubmann, David Logher, Alexander Binzer, and Esther Huber at Pictet.

We congratulate Pictet Alternative Advisors and Tretor on their strategic partnership and the launch of a new platform for SME accounting services in Switzerland. This transaction demonstrates how focused investors and specialist advisers can help locally rooted professional services firms scale while addressing technology, regulatory, and talent challenges. Learn more about our Transaction Advisory services here.