OpCapita’s NKD secures €25m debt facility

Grovepoint and Hayfin jointly led and structured the debt financing, while Grovepoint acted as facility agent and security trustee for the lenders.

The financing will facilitate NKD's further growth as part of OpCapita's turnaround strategy, which relies on improving product quality, communication with consumers and point-of-sale marketing.

Previous funding
OpCapita wholly acquired NKD in November 2013 from textile corporation Daun & Cie. It injected €20m of equity into the company as part of the restructuring.

Company
Headquartered in Bindlach, NKD is a discount fashion retailer. At the time of OpCapita's acquisition, the company had 1,950 stores across Germany, Austria, Italy, Slovenia, Croatia and Poland. Several store closures have taken place since then. All Polish outlets have shut their doors, leaving the firm with 1,803 shops. It has 8,000 employees, down from 8,500 at the time of the initial purchase.

According to the company, NKD is now seeing like-for-like sales growth and is breaking even in terms of EBITDA.

People
John von Spreckelsen is operating partner at OpCapita.

Advisers
Company – Alvarez & Marsal (Financial due diligence); Kirkland & Ellis (Legal).
Debt – Mayer Brown (Legal).

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• Topics
• DACH
• Restructuring
• Consumer
• Germany
• OpCapita
• Refinancing