Addleshaw Goddard has advised RIW Personalservice GmbH on the acquisition of the business operations of promedi Personalmanagement GmbH out of insolvency by way of restructuring by transfer. Promedi is a personnel service provider specialising in medical and social professionals, based in Cologne. The acquisition took place immediately after the opening of the insolvency proceedings. The reorganisation of prromedi will secure the employment contracts of all its external employees and the majority of its 17 locations throughout Germany. RIW is thus creating the basis for a sustainable reorganisation of the company and economic benefits for all parties involved.

As part of the RIW Group, RIW Personalservice GmbH, headquartered in Cologne, offers specialised solutions in the areas of temporary employment and recruitment. Addleshaw Goddard has advised RIW Group on several transactions in the past.

The complex transaction process was completed in just two weeks, from receipt of the non-binding offer to the signing and execution of the purchase agreement.

The Addleshaw Goddard team, led by Partner Dr Hubertus Schröder, included Fabian Neppessen (Managing Associate, both Corporate/M&A, Hamburg), Marijke van der Most (Partner, Employment, Frankfurt) and Jens Peters (Counsel, Employment, Hamburg).

Other advisors to RIW were Deichmann Corporate Finance, Astera Legal (T. Buschmann), Seitz (labour law, S. Schwarz), Thomas Ellrich of VOIGT SALUS as trustee and Sebastian Netzel of Brinkmann & Partner as CRO for promedi.