Pioneer Medical Devices AG filed for insolvency in mid-January 2018 and Joachim Voigt-Salus (VOIGT SALUS.) was appointed provisional insolvency administrator. Since then, Voigt-Salus and his team had continued the business operations with the support of the management consultancy Restrukturierungspartner and were able to stabilize the company through various restructuring measures, even beyond the opening of the insolvency proceedings on April 1, 2018.
In addition, a structured investor process was set up, which was also accompanied by the experts of Restrukturierungspartner under the leadership of Dr. Stefan Weniger and Michael Hofmann. Following initial discussions with potential investors, the final negotiations were concluded with VANGUARD AG. VANGUARD is a German medical technology company headquartered in Berlin that, like Pioneer Medical Devices, specializes in the reprocessing of high-quality disposable medical products. The parties have agreed not to disclose the purchase price.
"With the sale to VANGUARD, Pioneer Medical Devices AG with its approximately 45 employees at the production site in Aschersleben has a future again," emphasizes Michael Hofmann, who as project manager was responsible for the continuation of operations and transaction consulting. The only downer: the Berlin administrative location will not be continued.
The recycling processes developed by Pioneer make it possible to reuse high-quality medical products, mainly used in cardiology and save substantial costs.
Voigt Salus: Joachim Voigt-Salus (Partner), Christian Krönert (Rechtsanwalt)