Pluradent Group, Germany’s second largest distributor of dental consumables, dental practice equipment and accompanying technical support services, was acquired by Deutsche Mittelstandsholding, a German investment holding, as part of a debtor in possession insolvency proceeding.
Pluradent Germany as well as its subsidiary GLS Logistik both filed for insolvency under self-administration in February 2020 just as the COVID-19 lockdown began. Restructuring experts at the law firm Greenberg Traurig were appointed to the management boards of Pluradent and GLS Logistik to oversee the insolvency process. The insolvency lawyers and creditors committee selected Clairfield for its expertise in dental distribution and a structured M&A process was initiated in the middle of the March COVID-19 lockdown. The stakes could not have been higher since the alternative was the liquidation of both companies which would result in significant unemployment.
“Clairfield had followed the company and dental distribution sector for some time and as such was the logical choice in finding an appropriate partner. We finished this deal with the Clairfield team under extremely challenging COVID-19 conditions.”
— Christian Köhler-Ma, Partner at GT Restructuring
“The term “getting it done” took on a whole new meaning in lock-down given legal timetable constraints. Imagine virtual plant visits, management presentations, one-on-one video sessions with key employees, a fully on-line due diligence process, and you begin to appreciate the organisational care required to achieve a successful outcome.”
— Dr. Gordon Geiser, Partner at GT Restructuring
“Deal team tenacity and communication skills during the COVID-19 lockdown were put to the test in market conditions where ‘cash conservation’, investment stops, and a complete travel lockdown had to be overcome.”
— Karsten Hemmer, CEO of the Pluradent Group
“Clairfield understood the importance of seamless logistics delivery linked to technical service in modern dental distribution.”
— Michael Herdt, Managing Director of GLS Logistik
Read more about the transaction here: Deal of the month: Pluradent