The GRANTIRO initiative– economic systems revisited – contribute significantly to the rescue of an industry icon.

GRANTIRO’s unique concepts are used as a last resort following the bankruptcy of Tetenal Europe GmbH, co-inventor of analogue photochemistry, which result in a successful management buy-out (MBO).

Tetenal Europe GmbH (Tetenal), based in Norderstedt, was unable to react adequately to the threats posed by the shift towards digital photography and had to file for bankruptcy in September 2018.

Fortunately due the far-sightedness of the insolvency administrator, Dr. Sven-Holger Undritz, from the law firm White & Case, the GRANTIRO team was mandated in parallel to the traditional M&A process to seek innovative alternatives together with the employees of Tetenal.


The revolutionary GRANTIRO process was launched in Tetenal at the end of 2018.  Through personal interviews, group workshops and research within and outside Tetenal, over 30 business models and innovation ideaswere created. Despite the uncertainty about their personal futures and the turmoil around the daily conditions of a bankrupt company, the Tetenal employees involved in the process agreed to further develop 10 models and ideas over the pre-Christmas season in support for the search of new investment. This not only resulted in lifting employee motivation but also in the creation of new, promising options for Tetenal.



It was incredible how the workshops of the GRANTIRO team triggered a jolt among all participants. With this energy, the developed ideas then became the basis for the MBO and the founding of the NEW TETENAL”, enthused Stefania Grimme, head of production at Tetenal until 31 March and an important member of the NEW TETENAL team.

As a result of the GRANTIRO process, some of Tetenal’s management team, supported by GRANTIRO and Rasenberger Toschek, decided to lead the rescue of their jobs and the heritage of their previous employer. At the beginning of March 2019, this team acquired the assets, formulations, registrations, the know-how of Tetenal and all subsidiaries as part of an MBO.


The GRANTIRO method became the last salvation for an industrial icon.”I cannot recall any other case in which a company came back after the wind-down of production has already been decided, implemented and all employees were dismissed,” says Dr. Sven-Holger Undritz and adds: “I am delighted that I – with the GRANTIRO method – have bet on a process that shows innovative alternatives to classical restructuring.

After the successful sale of Schaidt Innovations in 2017, supported by the GRANTIRO method, history is written for the second time in the field of corporate restructuring in March 2019 with the founding of NEW TETENAL, with the GRANTIRO approach again impressively proven to work in practice.




White & Case is one of the world’s leading law firms and is present in the key economic centers of the world at 44 locations in 30 countries. In Germany, there are around 200 lawyers, tax consultants and notaries in Berlin, Dusseldorf, Frankfurt am Main and Hamburg ( For more than 30 years, the firm has one of the most respected insolvency and restructuring practices in Germany (


TETENAL (, founded in 1847, is one of the co-inventors of modern photochemistry. The company underwent several restructurings after the turn of the millennium and has been in bankruptcy since September 2018.


NEW TETENAL ( is an initiative led by the ex-employees of Tetenal


Under the name GRANTIRO (, partners have joined forces to form a Social Impact Organization to help companies and organizations in meeting specific challenges. Particular emphasis is placed on companies that are well positioned in the core, with motivated employees, (still) operating economically and whose existing business foundation is threatened by digitization and transformation.

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