OpCapita carves out footwear retailer Merkal

The GP acquired its stake via its OpCapita Consumer Opportunities Fund II. Following the deal, the GP will confirm the current management team and focus on accelerating new store openings and further developing the existing online capabilities.

Vivarte is currently backed by Alcentra, Babson Capital Management, Oaktree Capital Group and Goldentree Asset Management, which acquired a stake from Charterhouse Capital Partners as the business went into restructuring in July 2014. The French conglomerate has divested several subsidiaries since 2016, such as Kookai, Chevignon and Patagas, according to press reports.

In early 2016, Vivarte injected €4m of equity into Merkal to finance the opening of new retail shops, including a store in Barcelona. According to local press reports, Vivarte put its Spanish subsidiary on sale in September 2016, mandating Alantra to run the process.

The deal is the third investment in Spain for OpCapita, which invested in video games retailer Game Iberia in 2011 and frozen-food retailer La Sirena in 2014. OpCapita Consumer Opportunities Fund II closed on €350m in 2016.

Previous funding
PAI Partners acquired 54% of Vivarte in a deal that valued the company at around €1.5bn in February 2004. The fund then delisted the company.

Two years later, Charterhouse acquired a majority stake in the business in a deal valued at €3.5bn.

More recently, Alcentra, Babson, Oaktree and Goldentree agreed to write off more than €2bn in debt and inject €500m in a debt-for-equity swap in July 2014.

Company
Established in 1987, Merkal is a footwear and accessories retailer in the lower-mid-market segment, with a special focus on women and children.

The company operates 215 stores in city centres, shopping centres, retail parks and suburban areas across Spain. It is headquartered in Barcelona and employs 1,000 people in Spain. According to press reports, the business generated €132m in revenues in 2016.

People
OpCapita – Joshua Spoerri (managing director).
Merkal Calzados – Jon Dorronsoro (CEO).

Advisers
Equity – EY (financial due diligence, tax); Garrigues (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Consumer
• Southern Europe
• Exits
• Spain
• OpCapita
• Partial sale