Mayer Brown Advised Mr Price On The Acquisition Of NKD

Mayer Brown advised Mr Price on the acquisition of NKD

Mayer Brown has advised South African retail group Mr Price Group Limited on its acquisition of NKD Group GmbH, a European value fashion retailer, from TDR Capital LLP. The transaction has an enterprise value of approximately €500 million and was signed on December 9, 2025. The closing is subject to regulatory approvals.

For Mr Price, the cross-border transaction represents a landmark step, it is the company's first acquisition outside Africa and marks its entry into the attractive European market. The combined group will have more than 5,000 stores worldwide, annual sales of over €2.5 billion, and more than 40,000 employees.

Mayer Brown provided comprehensive legal advice on the transaction.

TDR Capital acquired NKD from investor OpCapita in 2019. NKD currently comprises 2,000 stores and employs around 10,000 people across Europe. In Germany, NKD is one of the most significant competitors of Kik, Primark, Tedi, and Ernsting's Family. It operates in seven European countries and had annual sales of approximately €700 million in 2024.

Mr Price is a JSE-listed omnichannel retailer of clothing and household goods and the market leader in value fashion retail in southern Africa with annual sales of ~€2 billion. The group operates more than 3,000 stores in nine business divisions and has a market capitalization of ~€2.8 billion (as of November 24, 2025).

TDR Capital LLP is a European private equity fund headquartered in London with over 15 billion euros in assets under management. Since its establishment in 2002, TDR Capital's team of over 60 professionals invests in market-leading European companies with further growth potential. Investments comprise the entire spectrum of the mid-market, as well as large businesses with the opportunity to create operational and strategic transformations.

The Mayer Brown team, led by Private Equity/Corporate & Securities Dr. Octàvio De Sousa (Partner), included Corporate & Securities Carsten Flaßhoff (Partner), Stefanie Skoruppa (Counsel), Friedrich Lutter (Associate), Luisa Sophie Schifferens (Associate), Banking & Finance Dr. Martin Philipp Heuber (Partner), Max Birk (Associate), Lukas Middeke (Associate), Antitrust Christian Horstkotte (Partner), Teresa Gerhold-Kempf (Associate), Real Estate Dr. Philipp Schaefer (Partner), Lorenz Ludewig (Counsel), Duc Hieu Le (Associate), Intellectual Property Dr. Ulrich Worm (Partner), Dr. Stephanie Pfaff (Associate), Katie Steval (Associates), Tax Dr. Thomas Dieker (Partner), Volker Junge (Partner), as well as Employment & Benefits Björn Vollmuth (Counsel), Dr. Marius Höfler (Associate).

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