Cincinnati Test Systems acquires H. Schreiner Test-und Sonderanlagen GmbH out of insolvency

Munich, 07 March 2017. One month after initiation of the insolvency proceedings, appointed insolvency administrator Axel W. Bierbach successfully completed the sale of H. Schreiner Test- und Sonderanlagen GmbH to Cincinnati Test Systems – Schreiner GmbH (CTS); all jobs were preserved.

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In November 2016 H. Schreiner Test- und Sonderanlagen GmbH, a specialist for leak test computers and special-purpose machinery, filed for insolvency. Mandated insolvency administrator Bierbach from law firm Müllery-Heydenreich Bierbach & Kollegen managed to stabilize business operations and identify an investor by means of an international auction process.

After insolvency proceedings were initiated on 01 February 2017, CTS successfully completed the acquisition of the business operation effective as of 01 March 2017. The acquirer CTS is part of the international TASI Group.

“I am very pleased to have found a potent U.S. American investor such as CTS and TASI to secure the company’s sustainability. CTS is a perfect match for Schreiner as a strategic investor and I am convinced that CTS will provide long-term security for both employees and customers as well as the chance for Schreiner to return to its former strength”, says insolvency administrator Axel W. Bierbach.

Subsidiaries in China, Italy and USA have not been taken on by CTS and will be closed.

ACXIT Recovery Management was exclusively mandated to assist in the transaction.

About Müller-Heydenreich Bierbach & Kollegen 

The law firm Müller-Heydenreich Bierbach & Kollegen ( is specialized on insolvency administration for decades with attorneys-at-law in Munich and other locations in Bavaria. Six court-appointed insolvency administrators are working on insolvency proceedings at several local courts in Bavaria and Thuringia. Particular strengths of the law firm are transferring restructurings, insolvency plans, self-administration as well as group insolvencies. Attorney-at-law and insolvency administrator Axel W. Bierbach (47) is specialized in continuation of businesses and reorganization in a broad variety of businesses. He has successfully handled numerous of insolvencies. Additionally, he holds the position as chairman of ‘Verband Insolvenzverwalter Deutschlands e.V’ (Registered Association of lnsolvency Administrators) ( as well as a membership at Gravenbucher Kreis, an association of Germany’s foremost insolvency administrators and restructuring specialists following the exclusive InsO Excellence standard (www.

About ACXIT Recovery Management

ACXIT Recovery Management as part of ACXIT Capital Partners is an independent consultancy firm exclusively dedicated to distressed mergers & acquisitions. ACXIT Recovery delivers tailored solutions and transactions for small and medium sized companies as well as for insolvency administrators. The managing partners of ACXIT Recovery were in charge of more than 100 successful transactions in restructuring and insolvency situations over the last eight years.

ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York, as well as strong alliances in France and India. (

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ACXIT Recovery Management GmbH
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Nikolaus J. Röver, Managing Partner
Tel.: +49-(0)89 – 215 460 00

Transaction Lead

Nikolaus J. Röver, Managing Partner