OpCapita exits NKD in sale to TDR Capital

TDR is currently investing from its TDR Capital IV fund, which closed on £3.5bn in 2018.

During its holding period, OpCapita strengthened the management team, adjusted the company's pricing, reduced its supplier base, expanded geographically and closed underperforming branches. At the time of OpCapita's investment, the company was experiencing losses of €34m. NKD had EBITDA of €45m in 2018. A source close to the deal told Unquote the return for OpCapita was more than 4x.

This is OpCapita's first exit from its Consumer Opportunities Fund.

Following this transaction, the company plans to expand further into existing markets with a clear focus on Germany.

Previous funding
OpCapita acquired NKD from textile corporation Daun & Cie in 2013 using funds from its Consumer Opportuntites Fund. The firm injected €20m in equity into NKD as part of the transaction, while stating that a further injection of capital was very likely once OpCapita had raised its next fund. The company was going through a restructuring process at the time.

Company
Headquartered in Bindlach, NKD is a discount clothing retailer. It operates a chain of approximately 1,800 small-format women's clothing stores across Germany, Austria, Croatia, Italy and Slovenia.

People
OpCapita – Joshua Spoerri (managing director).
NKD – Ulrich Hanfeld (CEO).

Advisers
Vendor – Sidley Austin, Christian Zuleger, Nicole Janssen, Markus Feil, Roderic Pagel (legal).

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• Topics
• Exits
• Buyouts
• DACH
• Consumer
• Germany
• Secondary buyout
• TDR Capital
• OpCapita