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