Manufacturing systems are socio-technical systems, with explicit interactions between humans and technologies in shared workspaces. These shared workspaces could also be called hybrid collaborative manufacturing systems, which involve workers as well as technological equipment and combine the benefits of human workers and new Industry 4.0 technologies, such systems are particularly useful in a context requiring flexibility and adaptability. Furthermore, the new Industry 5.0 approach has the objective to shift toward more human-centric and resilient manufacturing systems. The key problems to solve in the design of collaborative manufacturing systems are the combinatorial assembly line balancing problem and the equipment selection problem. An efficient and sustainable line requires a cost-effective choice of equipment while improving the ergonomics and the safety of workers. Both decisions of balancing workload and the assignment of equipment impact the ergonomics of a collaborative system and present conflicting criteria. To this end, we propose a multi-objective approach, the objectives are the optimisation of the investment costs and the ergonomics with a fatigue and recovery criterion. We propose to linearise the fatigue and recovery to formulate a new Mixed Integer Linear Programming formulation. We developed an exact multi-objective solving algorithm based on the ϵ-constraint to obtain the trade-off between these objectives. We conducted numerical experiments with different instances from the literature with promising results for instances with up to 45 operations. Finally, we discuss insightful managerial conclusions and future research perspectives.