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Prolimity Capital Partners acquires weekly newspaper (WOCHENBLATT) of the Lake Constance & Upper Swabia Region of Germany
Prolimity Capital Partners, an investment company headquartered in Ummendorf bei Biberach a.d. Riß, took over business operations of the Ravensburg WOCHENBLATT publisher on January 22, 2018, and will carry on the company business. In future the company will operate under the name Unabhängiges WOCHENBLATT GmbH; headquarters will remain in Ravensburg.
The WOCHENBLATT, published for over 45 years, with more than 500,000 readers each week, was to be liquidated in November 2017 according to a decision made by the former owner, and became insolvent as a result. Since then, the insolvency administrators Michael Wahl and Reinhard Wünsch from PLUTA Rechtsanwalts GmbH, appointed by the Ravensburg Regional Court, have held discussions with potential investors and continued to produce the newspaper until mid-December, alongside their liquidation activities.
Effective immediately, Sven Jetter, the WOCHENBLATT’s long-time sales director, together with Christoph Fluhr, Managing Partner of Prolimity, will take over management of the newspaper (Unabhängiges WOCHENBLATT). “Our customers are excited about the continuation of the WOCHENBLATT, and are pleased about the healthy competition in the regional advertising and advertising supplement market. Many have already confirmed that they will gladly continue to work together with us. The next issue of the WOCHENBLATT will come out on February 1st, and preparations for that are currently in full swing,” commented Jetter.
“With the continuation of the WOCHENBLATT, we see the opportunity to develop a long-term, successful business as an independent media company in the south German media landscape. The WOCHENBLATT’s readers and customers appreciate its credibility and editorial quality, as well as its strong regional coverage,” commented Christoph Fluhr from Prolimity.
“We are pleased to have found a forward-looking solution to enable the WOCHENBLATT to continue. This is a gratifying outcome of our efforts,” said insolvency administrator Michael Wahl. His PLUTA colleague Reinhard Wünsch added: “The circumstances were decidedly difficult, since the decision to cease operations had already been made prior to the insolvency application. Now more than 70 jobs in publication, editing and technology have been saved, and around 1,300 delivery staff will have regular employment again.”
Prolimity was advised on the transaction by Dr. Jörg Rhiel and Dr. Andreas Dietzel, Partner and Of Counsel at law firm Clifford Chance (Frankfurt).
For 45 years, the WOCHENBLATT has appeared every Thursday, at no cost, with regional news coverage and upcoming events. More than 500,000 readers from the Lake Constance district to the Allgäu and Schussental, to Biberach, Saulgau, Riedlingen and Tuttlingen, rely on the paper’s journalistic quality, its local political and business coverage and, above all, its independence and credibility. The WOCHENBLATT enjoys long-time relationships with many advertisers and advertising supplement customers throughout the region.
About Prolimity Capital Partners:
Prolimity Capital Partners is a consulting and investment firm in the German-speaking mid-cap market with a focus on companies in special situations (including corporate spin-offs, post- merger integrations, turnarounds and insolvencies). As experienced transformation managers and active, enterprising investors, Prolimity creates added value for its clients and associated companies through strategic realignment and close operational support during the implementation of lasting improvement measures.
PLUTA helps companies in legally and economically difficult situations. Since their founding in 1982, PLUTA has grown steadily and now employs more than 400 people in Germany, Spain, Italy and Poland. More than 90 lawyers and 40 business experts, including many attorneys and tax consultants with multiple qualifications as public auditors, graduates in business administration or accountants, ensure practicable, economically sensible solutions. In particular, PLUTA supports the restructuring and continuation of companies in crisis or insolvency situations and, when needed, sends restructuring experts to the governing body.