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Pluradent Group, Germany\u2019s 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.<\/p>\n
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.<\/p>\n
\u201cClairfield 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.\u201d
\n\u2014 Christian K\u00f6hler-Ma, Partner at GT Restructuring<\/p>\n
\u201cThe term \u201cgetting it done\u201d 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.\u201d
\n\u2014 Dr. Gordon Geiser, Partner at GT Restructuring<\/p>\n
\u00ab\u00a0Deal 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.\u00a0\u00bb
\n\u2014 Karsten Hemmer, CEO of the Pluradent Group<\/p>\n
\u00ab\u00a0Clairfield understood the importance of seamless logistics delivery linked to technical service in modern dental distribution.\u00a0\u00bb
\n\u2014 Michael Herdt, Managing Director of GLS Logistik<\/p>\n