Weil’s Munich and Frankfurt offices advised TDR Capital LLP (TDR Capital) in the sale of NKD Group (NKD) to the listed South African company Mr Price Group Limited (Mr Price). The sale and purchase agreement for 100% of the shares in NKD Group is subject to customary regulatory approvals. NKD Group was valued at €500 million in the transaction.

TDR Capital, a leading European Private Equity company based in London, had taken over NKD Group in 2019 and since then invested strongly in the digital infrastructure of, and use of data science by, the apparel retailer. During this period, the company sustainably expanded and consolidated its position as Europe’s leading value textile discounter. The expansion and optimization of the store portfolio thus laid the foundation for sustainable, long-term growth.

Mr Price, one of the largest listed retail groups in South Africa with headquarters in Durban, is now taking over NKD from TDR Capital. With its 15 retail chains, the group operates an omni-channel business in South Africa and further African countries including online sales and 3,100 stores offering a comprehensive range of clothing and household goods. Mr Price will take over a strong network of over 2,100 stores with more than 10,000 employees in seven European countries, in particular in Germany, Austria and Italy. With a clear growth positioning in the European market, NKD offers a suitable, complementary platform within the market-leading retail group.

The team led by Munich partner Manuel-Peter Fringer and including counsel Florian Wessel provided TDR, a newly originated client of Weil, with comprehensive legal advice in connection with the transaction.

The Weil transaction team was led by Munich partner Manuel-Peter Fringer (Private Equity) and included counsel Florian Wessel (Private Equity, Munich), associates Lucas Ottowitz, Sven Jelinek, Laurin Schmidt and Madleen Düdder (all Private Equity, Munich), Alexander Rothstein, Dennis Simon and Ozan Yildirim (all Private Equity, Frankfurt), partner Tobias Geerling and counsel Carolin Vettermann (both Tax, Munich), counsel Konstantin Hoppe and associate Daniel Matijevic (both Litigation, Munich), as well as counsel Thomas Zimmermann (Finance, Munich) and associates Hans-Christian Mick.