Nov 27
OpCapita

OpCapita closes purchase agreement for the acquisition of NKD

Bindlach, 27 November 2013 – The European financial investor OpCapita is the new owner of the German textile discounter NKD. OpCapita will supply the company as part of the investment with new funds in the amount of 20 Million Euros. OpCapita has ensured, to provide further funds, as soon as the investment corporation has fully imposed and financed its new fund. OpCapita finances the company without bank loans and allows NKD with this additional liquidity, to successfully continue the restructuring course and in future to generate growth.

The previous owner of NKD had signed an according purchase agreement with the financial investor on Monday, 25 November 2013. The conclusion of the contract was preceded by discussions with several potential buyers. OpCapita was awarded the contract because the investor offered the best solution for the company and the employees.

OpCapita is a long-term oriented investor with the goal, to sustainably increase the profitability of companies. The investment company takes over NKD as a whole including the headquarters in the Bavarian Bindlach such as the branch network with currently more than 1.950 stores in Germany, Austria, Italy, Slovenia, Croatia and Poland. Goal remains to continue the restructuring initiated by the restructuring consultant Ziems und Partner and to bring it to a close. In this connection initiated staff reduction at the site in Bindlach is already complete.

As part of the restructuring measures initiated in this year, the company has initiated a program to adapt the branch structure to be completed shortly.

The restructuring consultant Ziems und Partner, which acts as an interim-management of NKD, had promoted the sales process. According to the business plan developed by Ziems und Partner NKD shall generate growth again as of 2015. With many years of operational expertise in the retail sector and an international network of partners OpCapita will pursue this course further.

John von Spreckelsen, Operating Partner at OpCapita, will be announced to Senior Shareholder Representative (top representative of shareholders). He will support the existing management team of NKD actively in implementing its growth plans and jointly ensure a smooth transition of the Top Management.

Von Spreckelsen says: “We are observing NKD since several years and are looking forward, to take over the company. NKD has loyal customers, who value the quality- and value proposition. With the active support of the NKD employees we are positive, that requirements are created by this acquisition, which will allow the company in mid-term to grow and work lucrative again.”

He adds: “At this point I would like to thank all employees at NKD for their magnificent commitment and their loyalty. Besides I thank the interim-management of Ziems und Partner for their outstanding performance and cooperation.”

For this transaction OpCapita was counselled by Corporate Finance Mittelstand (cf:M), EY and Kirkland & Ellis. NKD was counselled by Noerr and Rothschild.

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