A novel continuously working force regulation algorithm aimed for the pick-and-place-units in a thermo-compression bonding application is proposed. The system setup considered consists of two co-linearly mounted axes. The larger of these axes is responsible for an accurate positioning. The controller of the smaller axis, which is mounted on the slide of the larger one, is designed as a nonlinear, adaptive impedance controller. The particular parameterization of this control structure has several advantages: It allows for small deflections of the second axis in non-contact case, small impact forces during touch-down and an accurate tracking of a desired force in contact case. Finally, it allows for a precise gap control in the case of a sudden collapse of the counteracting force which may occur in the application under consideration. The functionality of the proposed algorithm is shown on the basis of experimental studies.