The problems of the private capital funds in companies in the Health sector in Europe of Larrainvial and in which the businessman Alejandro Weinstein also invests.
during Wednesday afternoon, the Investment Fund “Europe Medneo Health Tech “by Active Larrainvial Managerreported in an essential fact to the Commission for the Financial Market (CMF) that the administration of its main investment, The company dedicated to the medical sample business medical shots, entered Germany to a US chapter 11 chapter 11.
“The administration of the Medneo GmbH company and its subsidiaries – one of the indirect investments of the fund – initiated an insolvency protection or preventive procedure (called in German language as ‘Schutzschirmverfahren’),” said active Larrainvial.
In detail, “this process is a Preventive measure for companies that face imminent insolvency or over -indebtedness”, He explained.
“As reported by the administration of Medneo GmbH and its subsidiaries, the protection procedure is a form of self -administration designed to allow companies with financial difficulties to be restructured and organized without entering into immediate insolvency,” he added.
Thus, in this process, the current administration will remain in charge of Medneo, but with the supervision of a trustee. “It gives them the opportunity to elaborate a reorganization plan within a period of three months or less, and then submit it to the vote of the creditors”he added.
The decision “is part of a work plan carried out by the president of the company and the executive team, together with the advisors Álvarez & Marsal, after the evaluation of options for society.”
As for the Impact on Chilean Fund, Larrainvial Active He said they are “in contact with the administration of Medneo GmbH and its subsidiaries, and evaluating the necessary measures to protect the best interest of the fund and its contributors.”
“The impact of the available background is continually being evaluated in order to determine the impact on the background value of the fund. Any relevant additional antecedent will be reported timely, ”concluded the essential fact.
Sale and debts
Medneo’s problems crawl since 2024. In August of that year, he announced the sale of its operations in the United Kingdom, dedicated to home medical imaging, for 43.2 million sterling pounds or just over US $ 55 million, reaching a multiple of company value per Ebitda 11.3 times.
However, the flows were used to pay the debts of the company, while a remnant of US $ 16 million in debt would remain with the European Investment bank, the lender arm of the European Union, according to a presentation to contributors last September. To which German bank lenders would be added, for financing supported in assets.
The alienation and the fact that it did not receive revenues impacted strongly in the background, which saw its quota value in 90% during last September.
Meanwhile, two other lines of business were maintained in two subsidiaries: Medneo Dich, dedicated to the operation of physical radiology centers in Germany and Switzerland; and Openrad, Technological Platform Supplier of Softwares for Imaging in remote format.
Openrad, yes, did not enter the insolvency preventive process.
Falling Salvage Plan
Before the sale, the movements to try to save the company were underway. As reported in a meeting with the European medneum contributors Health Tech in September 2024, their Swiss floor business was uninverted for about US $ 200 thousand, while selling drag cars with remnant imaging equipment of its home sho shots business, in which one of them was alienated by about US $ 600 thousand.
In addition, Medneo Dich was preparing for the operation of two new centers in German hospitals, specifically in Postdam and Heidelberg.
On the other hand, Openrad and its matrix, Biotronics 3D, were looking for an alliance with the Affidea Paneuropeo sanitary giant, which would buy a license for unlimited use of the platform for US $ 4 million and would invest in the company up to US $ 2 million for the development of a new software.
However, Nine months later, the Medneo Dich and Openrad matrix accepted the insolvency preventive procedure in Germany. To date, its quota value has fallen about 95%, going from one euro to only 0.05 euros, at the close of this edition and according to Larrainvial information.
Bet on Europe
The Fund is part of a triple investment strategy in the European health sector by Larrainvial, Weinstein and foreign manager Marcol.
According to press releases, the objective was to enter companies in order to deliver growth capital, and then carry out their exit or sale between 2023 and 2024.
The first one was Europe Mediano Health Tech, which lifted 35 million euros to invest in medneia in Germany. Then, Europe Pharma Online arrived, which brought together 60 million euros from the market to buy Atida, an online pharmacist who accumulated a presence in different European countries.
Finally, Europe Medtop Telehealth raised, with which they entered the property of Health Hero, a telematic medical consultation company.
At the moment, Health Hero has postponed its company’s sales plans before an unattractive market, while in Atida a plot is fought in which Weinstein, Larrainvial and Marcol seek to take control of the company.
