OpCapita acquires NKD from Daun & Cie

OpCapita injected €20m of equity into NKD as part of the transaction, while stating that a further injection of capital was very likely once OpCapita had raised its latest fund. There was no debt involved in the buyout and NKD will use the funding to continue its ongoing restructuring process.

Financial adviser Ziems & Partner was recently appointed by former owner Daun & Cie, which bought the company in 2003, as interim management to begin a restructuring process with the German retailer. This process will be continued after the ownership change, with the hope that NKD will be able to return to growth from 2015 onwards.

Company
Headquartered in Bindlach, Germany, NKD is a textile retailer that offers clothing at discount prices.

The company has 1,950 branches across Germany, Austria, Italy, Slovenia, Croatia and Poland, and employs around 8,500 staff. NKD's first cross-border expansion was in 1995, when the firm opened its first branches in Austria. In 2006 and 2008, NKD expanded its operations to Italy and Slovenia respectively. Its latest expansion was the opening of branches in Poland in 2011.

People
John von Spreckelsen is a partner at OpCapita and will take over the senior shareholder representative position at NKD.

Advisers
Equity – Corporate Finance Mittelstand (M&A); EY (Corporate finance); Kirkland & Ellis (Legal).
Vendor – Noerr (Legal); Rothschild (Corporate finance).

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• Topics
• DACH
• Consumer
• Buyouts
• Germany