NKD Group acquired by Mr Price Group
Context
Mr Price Group has agreed to acquire 100% of NKD Group from the European private equity firm TDR Capital. The purchase consideration includes up to €487 million in cash and the assumption of shareholder loan receivables. The strategic rationale for the deal is to provide Mr Price with a significant entry point into the resilient Central and Eastern European value retail market. Since TDR Capital’s acquisition in 2019, NKD has seen a transformation into a data-driven leader with €712 million in net sales (2024). The acquisition is expected to be earnings accretive by the second year, supported by NKD’s strong cash generation and capital-light store format (payback periods under 2.4 years). Mr Price plans to accelerate NKD’s expansion toward 3,000 stores in the medium term and potentially 4,000 in the long term.
NKD Group, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.
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Target
NKD Group is a leading European value retailer specializing in discount apparel and homeware. Its business model focuses on a high-density store network in small and medium-sized towns, offering a diverse range of functional fashion, textiles, and seasonal items. The company's value proposition is built on "Low Calculated Discount" (Niedrig Kalkuliert Discount), providing high-quality private-label products (95% of total sales) at competitive price points. Strategically, NKD operates over 2,100 stores across seven countries, including Germany, Austria, Italy, and Poland. Under TDR Capital's ownership, the firm underwent a significant digital transformation, leveraging data science for site selection and inventory management, positioning it as a highly cash-generative platform for international expansion.
Ent. Value
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
below 1.5x
EV / EBITDA
10x–18x
EV / EBIT
15x–25x
Historical Financials (EUR)
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REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €450–900M
EBITDA range: €25–50M
EV/Revenue range: below 1.5x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of NKD Group by Mr Price Group are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: nkd group
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