Berlin, July 3rd, 2020
- Financial recovery of insolvent group of companies secured
- All 300 jobs will be retained
- Positive synergy effects thanks to the activities of the book logistics company KNV Zeitfracht
The Zeitfracht group with its headquarters in Berlin will take over the insolvent Lower Saxony companies First Wise Media GmbH and Jöllenbeck GmbH with more than 300 employees on August 1st, 2020. Both companies belong to the same consortium, collectively they generate annual sales of more than 150 million euros and, due to the corona consequences, each filed for bankruptcy in May 2020.
Just a few weeks later, the provisional insolvency administrator Dr. Tjark Thies from Reimer Rechtsanwälte was able to present an attractive offer for an acquisition. The creditors’ committee approved this on June 30th, 2020. Insolvency proceedings were opened on July 1st, 2020 and Dr. Tjark Thies was appointed receiver in insolvency.
First Wise Media GmbH supplies more than 1,800 retailers – online and stationary – all over Europe with electronic products from more than 30 brand manufacturers. This also includes the computer and video game accessories from the well-known Speedlink brand, which is produced by Jöllenbeck GmbH.
“We have found an exceptionally fast and good solution for everyone involved, which leaves no one behind, even in Corona times,” says the insolvency administrator and restructuring expert Thies. “Primarily, we achieved this through very constructive, appreciative and result-oriented negotiations.”
The Zeitfracht group is an owner-managed family company in the third generation with more than 2,700 employees and its headquarters in Berlin. The company is primarily active in logistics. This also includes Germany’s largest book logistics company and book wholesaler KNV Zeitfracht. “We are very pleased to have two new companies in our group, Jöllenbeck GmbH and First Wise Media GmbH. The business activities of both perfectly match those of KNV Zeitfracht in media logistics,” says Dominik Wiehage, CEO of Zeitfracht group. “We hope that this combination will result in significant synergies. Both companies are family businesses, just like Zeitfracht. Therefore, our corporate cultures complement each other perfectly. Above all, we are looking forward to 300 new colleagues, who I warmly welcome to the Zeitfracht group,” Wiehage continued.
Heinz Joachim Schöttes
Tel.: +49 30 – 403 691 721