The wide format print media specialist filed for self-administered insolvency in April last year after negotiations with its main creditor Sandton, for a €23m refinancing deal, failed.

The company, along with its subsidiaries in Germany, Italy, Benelux, France and Austria, has continued to trade through insolvency whilst working to reduce its debt, and will now transfer to the ownership of Munich-based Blue Cap on 30 June.

“We are pleased that we have gained a long-term oriented investor with Blue Cap that would like to provide the growth capital that the company needs," said chief executive, Henrik Felbier. 

Felbier has headed the restructuring of the firm since coming on board in 2012 and worked with insolvency specialist Dr Bettina Breitenbucher over the last 12 months to reach a positive outcome. 

He welcomed the sale of the firm. "The successful operational reorganisation was the essential prerequisite for this final step, to sell the company to an attractive investor after emerging from the insolvency clear of debt. I am pleased that we have achieved this," said Felbier.

It is the twelfth investment for the industrial-focused Blue Cap group, which also owns the Planatol Group comprising adhesives manufacturer Planatol Wetztel, high-speed fold-gluing systems producer Planatol System and leading post-press systems supplier Gämmerler. 

"With the acquisition of Neschen we have succeeded in further expanding the adhesives area within our Group. Along with positive effects for our existing companies, it also enables us to position ourselves in new and growth-relevant adhesives processing business areas," said Hannspeter Schubert, Blue Cap management board spokesman.