Print service provider PPS. Imaging Gruppe sold
The search for an investor for the insolvent PPS. Imaging Gruppe was successfully completed. Together with the insolvency administrators Dr. Dietmar Penzlin and Dr. Matthias Wolgast, the Restrukturierungspartner have found several investors for the German market leader in large-format digital printing. More than 200 jobs will be retained across the Group.
Less than two months after filing for insolvency, the purchase agreement with an investment company headed by Michael Krieger was signed on August 3rd. The strategic investor is taking over PPS. Imaging GmbH and Apalis GmbH with its locations in Berlin and Dresden. Krieger knows the printing industry very well, as the investor has long been a managing partner of PPS. Imaging Gruppe for a long time. In addition, at the end of August, the company reached agreement with another investor on the takeover of Niggemeyer Bildproduktion GmbH & Co. KG at the end of August. The parties to the contract have agreed not to disclose the purchase price.
„The sales can be considered a great success.“ Dr. Dietmar Penzlin, Dr. Matthias Wolgast and Werner Warthorst
„The sales can be considered a great success. On the one hand because of the speed with which we found investors. On the other hand, because the sales were successful not only in a difficult industry, but also in a challenging time“, the two insolvency administrators Dr. Dietmar Penzlin and Dr. Matthias Wolgast as well as M&A expert Werner Warthorst are pleased.
Due to significant sales and liquidity losses in the wake of the Corona Pandemic, the management of PPS. Imaging Gruppe had to file for insolvency proceedings for four Group companies at the beginning of June. The insolvency administrators Dr. Dietmar Penzlin (Schmidt-Jortzig Petersen Penzlin) and Dr. Matthias Wolgast (Münzel & Böhm) continued business operations - despite the difficult conditions caused by the corona pandemic. In addition, they initiated an investor process for which the experts from the management consultancy Restrukturierungspartner were exclusively responsible.
„The interest of financial and strategic investors in PPS. Imaging Gruppe was very high.“ Werner Warthorst
The team around Restrukturierungspartner managing director Werner Warthorst had addressed a large number of national and international investors in recent weeks and held intensive discussions with various interested parties. „The interest of financial and strategic investors in PPS. Imaging Gruppe was very high. As the German market leader for large-format digital printing, the Group is an exciting investment, which has well-known business customers, but also appeals to end consumers via its own online brand stores Klebefieber.de and Bilderwelten.de,“ reports Warthorst on the highly competitive investor process.
Particularly pleasing: The two international subsidiaries, PPS Imaging B. V., based in the Netherlands, and Vertical Vision Ltd., based in Great Britain, were also sold to two investors. All locations and jobs abroad will be retained.
„We have prepared for the PPS. Imaging Gruppe very good and above all stable solutions. The sales ensure that the Group's business operations will continue and that its employees have a future.“ Dr. Dietmar Penzlin und Dr. Matthias Wolgast
The insolvency administrators are pleased about the quick success in finding investors and thank all parties involved for their trust and support. „We have prepared for the PPS. Imaging Gruppe very good and above all stable solutions. The sales ensure that the Group's business operations will continue and that its employees have a future. We would like to thank all those involved, especially the employees, who have shown great commitment in the past weeks,“ say the lawyers Dr. Penzlin and Dr. Wolgast.
Insolvency administration of PPS. Imaging GmbH and the PPS. Imaging Holding GmbH Schmidt-Jortzig Petersen Penzlin: Dr. Dietmar Penzlin (Insolvency Administrator, Partner), Niklas Marwedel (Partner), Dr. Christian Mikolajczak (Senior Associate), Jörn Süberling (Senior Manager), André Vagts (Manager)
Insolvency administration of Apalis GmbH and Niggemeyer Bildproduktion GmbH & Co. KG Münzel & Böhm: Dr. Matthias Wolgast (Insolvency Administrator, Partner), Dr. Marcel Streeck (Partner), Carla A. Krull (Lawyer), Stefan Musfeldt (Lawyer)