The Fund is acquiring the Company from Vivarte SAS, the French retailing conglomerate. The terms of the transaction are not being disclosed.
Merkal is a leading Spanish footwear and accessories retailer offering a comprehensive range of good quality products at affordable prices via a portfolio of 215 stores across Spain. The product range is targeted at families, with a special focus on women and children.
OpCapita plans to drive the future growth and development of Merkal in close collaboration with the Company's long-standing management team. Under new ownership, the Company will invest in its existing retail footprint, review and optimise its product offering, accelerate new store openings and further develop its existing online capabilities.
Joshua Spoerri, Managing Director, OpCapita, commented: "We are delighted to be working with Jon Dorronsoro and his team, who have successfully developed Merkal over the past 18 years into its current position. We look forward to working with them over the coming years to help them continue to grow the business and strengthen their market position."
Jon Dorronsoro, Chief Executive of Merkal, said: "We are excited to be partnering with OpCapita as we enter the next stage of Merkal's development. OpCapita's extensive knowledge of the Spanish retail sector make them the ideal partner to help us achieve our goals and to help strengthen Merkal's position in our segment of the footwear market."
The acquisition of Merkal is OpCapita's third in Spain and follows successful investments in video games retailer Game Iberia in 2011 and frozen-food retailer La Sirena in 2014.
The transaction is subject to final approval by the Spanish competition authorities.
OpCapita specialises in investing in the European consumer, retail and leisure sectors. Its current portfolio also includes NKD, a discount clothing retailer with more than 1,800 stores across Germany, Austria, Slovenia, Croatia and Italy; AppelrathCüpper, the German fashion retailer; and The Football Pools, the UK gaming company.
Founded in 2006, OpCapita is a European private equity advisory firm specialising in the retail, consumer and leisure industries. OpCapita actively invests in companies where there is an opportunity to deliver improvements in profitability and create long-term, sustainable value.
OpCapita's team of in-house operating partners has decades of experience in consumer-facing businesses and a widespread network of contacts and specialists. The team adopts a hands-on approach to the companies in which it invests, drawing on exceptional management talent to deliver on its investments.
Over the past 11 years, OpCapita has invested over €500 million in businesses in the UK, France, Germany and Spain. OpCapita closed its first dedicated fund, OpCapita Consumer Opportunities Fund LP, at the end of 2014. Its second dedicated fund, OpCapita Consumer Opportunities Fund II LP, closed on €350m in 2016 and was significantly oversubscribed.
Founded in 1987, Merkal has grown to become a leading Spanish footwear and accessories retailer focused on the low-mid segment. The Company operates 215 stores in city centres, shopping centres, retail parks and suburban areas across Spain.
Merkal offers a comprehensive range of good quality own-label and branded products at affordable prices. The assortment is targeted at families, with a special focus on women and children.
The Company has head-offices in San Sebastian and Barcelona, and logistics facilities in Zaragoza. It employs circa 1,000 people across the country.
For further information, please contact:
Andrew Honnor/Matthew Goodman/James Madsen
Tel: +44 207 952 2000
José García Villardefrancos
Tel: +34 687 992 789