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{{Infobox company
| name = OpCapita
| logo = OpCapita.png
| type = [[Limited liability partnership]]
| traded_as =
| foundation = {{Start date and age|2006}}
| founder = [[Henry Jackson (businessman)|Henry Jackson]]
| location_city = [[London]]
| location_country = [[United Kingdom]]
| area_served = Europe and North America
| aum = $493 million (2017)
| industry = [[Private Equity]]
| homepage = {{URL|www.opcapita.com}}
}}
'''OpCapita''' is a British private equity firm specialising in the retail, consumer and leisure industries. The firm invests in underperforming businesses that require operational support to improve profitability and create long-term, sustainable value. OpCapita was established in 2006, by [[United States|American]] financier [[Henry Jackson (businessman)|Henry Jackson]].
Its senior team have been together since the founding of the firm and have many decades of experience in consumer businesses.<ref>[https://www.privateequityinternational.com/magazine/europe/2016-10-03/privately-speaking_-the-rise-of-henry-_jackpot_-jackson/?highlight=opcapita Privately Speaking] - Private Equity International October 2016</ref> The firm is based in London and invests on behalf of a diversified group of international institutional investors. OpCapita is a full member of [[Invest Europe]] and a signatory of the UN [[Principles for Responsible Investment]].
==History==
In October 2006, OpCapita acquired British furniture retailer [[MFI Group]] for £1.<ref>[https://www.telegraph.co.uk/finance/4649685/MFI-sells-stores-for-1.html Telegraph, MEP acquired MFI stores for £1]</ref> In March 2008, it acquired French retailer [[:fr:BUT|BUT]].<ref>[http://www.unquote.com/france/news/1568695/colony-capital-goldman-sachs-merchant-equity-partners-acquire-but Colony Capital, Goldman Sachs and Merchant Equity acquire BUT] - Unquote France 1 Mar 2008</ref> In November 2011, the firm purchased the electronics retailer [[Comet Group|Comet]] from [[Kesa Electricals|Kesa]] for £2.<ref>[https://www.reuters.com/article/opcapita-comet-idUSL5E7N230F20111202 Kesa's Comet suitor will raise funding-source] - Reuters 2 Dec 2011</ref>  In March 2012, OpCapita, through its subsidiary Baker Acquisitions, purchased [[Game Group|Game UK]] out of [[administration (law)|administration]].<ref>{{cite news |title=Game Group shops sold to OpCapita |url=https://www.bbc.co.uk/news/business-17578451 |newspaper=BBC News |date=1 April 2012}}</ref> A second subsidiary, Cherrilux Investments, was set up to buy Game's Spanish operations.<ref>{{cite web |url=http://www.joystiq.com/2012/04/13/game-iberias-291-stores-sold-to-uk-buyers-sister-company/ |title=Game Iberia's 291 stores sold to UK buyer's 'sister company' |author=Jessica Conditt |date=13 April 2012 |publisher=Joystiq |accessdate=20 May 2012}}</ref>
In October 2012, after a story about OpCapita considering a sale of Comet leaked to the press,<ref>{{cite news |title=OpCapita 'exploring sale'- BBC News |author=BBC News |url=https://www.bbc.co.uk/news/business-20001314 |newspaper= BBC News |date=19 October 2012}}</ref> suppliers lost confidence in the chain, and it subsequently entered administration. On 27 November 2013, it was announced that OpCapita had acquired [[:de:NKD|NKD]],<ref>[http://www.altassets.net/private-equity-news/by-news-type/deal-news/opcapita-agrees-e20m-buyout-of-troubled-german-clothing-company-nkd.html? OpCapita Agrees Buyout of NKD - AltAssets, 28 November 2013]</ref> a 2,000 store retailer in Germany, Austria, Italy, Croatia and Slovenia. OpCapita Operating Partner John von Spreckelsen became the Senior Shareholder Representative.
On 19 May 2014, Game announced its intention to float on the [[London Stock Exchange]].<ref>[http://realdeals.eu.com/article/46246-opcapita-to-float-game OpCapita To Float Game - Real Deals 19 May 2014]</ref> OpCapita Operating Partner David Hamid, Chairman of Game, was quoted as saying "The turnround of the Game business is remarkable."<ref>[http://www.ft.com/cms/s/0/031c12d8-df1d-11e3-a4cf-00144feabdc0.html#axzz32AsW18lt Game Retail confirms London listing plan - Financial Times 19 May 2014]</ref> By December 2014, Game had a market value in excess of £600 million, more than twelve times the amount OpCapita had paid for the business in 2012.<ref>[http://www.lse.co.uk/SharePrice.asp?shareprice=GMD&share=game_digital London Stock Exchange Game Digital Share Price]</ref>
On 3 November 2014, OpCapita Consumer Opportunities Fund LP, OpCapita's first institutional fund raised from European and United States investors, announced the acquisition of La Sirena Alimentacion Congelada S.L.U., the leading frozen food retailer in Spain. The price was not disclosed, but press reports suggested they paid €30 million. [[3i]] had paid €150 million for the business in 2006.<ref>[http://www.ft.com/fastft/230052/opcapita-buys-spanish-frozen-food-retailer OpCapita Buys Spanish Frozen Food Retailer - Financial Times 3 November 2014]</ref>
''Financial News'' reported on 19 December 2014 that OpCapita had closed its début fund at just over £100 million.<ref>[http://media.efinancialnews.com/story/2014-12-19/opcapita-closes-debut-fund?mod=sectionheadlines-AM-PE OpCapita Closes Début Fund - Financial News 19 December 2014]</ref> In December 2014, ''[[Private Equity International]]'' announced it had nominated OpCapita for "Special Situations Firm of the Year".<ref>[https://www.privateequityinternational.com/News_And_Analysis/2014/December/News/Friday_Letter__Vote_now_for_the_winners_of_2014/?highlight=awards Private Equity International 12 December 2014]</ref>
In October 2015, OpCapita won ''Private Equity International''<nowiki/>'s Operational Excellence Award for its successful turnaround of Game.<ref> [https://www.privateequityinternational.com/Free_Articles/PEI_2015_OpEx_Awards_winners_revealed_-_breaking Private Equity International 1 October 2015]</ref> The firm was again nominated for "Special Situations/Turnaround Firm of the Year" in 2016, with ''Private Equity International'' saying "Industry maverick [[Henry Jackson (businessman)|Henry Jackson]]’s firm closed Fund II – its first ten year vehicle – on its €350m hard cap, sold French homeware chain BUT to CD&R for an estimated €525m, snapped up womenswear retailer AppelrathCupper from Advent, and made some key hires".<ref>[https://www.privateequityinternational.com/news/global/2016-12-02/vote-now-in-the-2016-pei-awards Private Equity International 2 December 2016]</ref>
''Private Equity International'' reported on 2 June 2016 that OpCapita Consumer Opportunities Fund had acquired AppelrathCüpper from the global buyout house [[Advent International]].<ref>[https://www.privateequityinternational.com/news/europe/2016-06-02/opcapita-sweeps-up-appelrathcüpper-from-advent OpCapita Sweeps Up AppelrathCüpper from Advent - Private Equity International 2 June 2016]</ref> The purchase price was not disclosed. PEI said this was the final investment from the OpCapita Consumer Opportunities Fund but that there was some capital remaining in the fund for additional investment into the existing portfolio companies.
On 29 July 2016, ''Unquote'' reported that OpCapita, backed by [[Goldman Sachs]] and [[Colony Capital]], had exited the French homeware chain BUT for an estimated €525 million. The sale followed an extensive programme of operational improvement including reducing prices, changing sourcing to improve quality and reduce costs, exiting low margin products to focus on furniture and accessories, improving the promotional strategy and marketing, investing in every store to drive increased sales and increasing the number of stores to 303 at the time of the exit, leading to a market share gain from 9% to 13% during the holding period. The buyer was reported to be [[Clayton, Dubilier & Rice]] (CD&R) and WM Holding, an investment vehicle of Austrian furniture giant XXXL Lutz.<ref>[http://www.unquote.com/france/analysis/3001306/deal-in-focus-colony-capital-et-al-exit-french-chain-but Deal In Focus - Unquote 29 July 2016]</ref>
''Private Equity International'' reported on 6 September 2016 that OpCapita had closed its Fund II at the hard cap of €350 million. It said the fund was raised from mid-April to the end of June, and was significantly oversubscribed. It added that the majority of investors in the fund, by both number and size, were pension plans, both public and corporate, university endowments and charitable foundations and that the success of the fundraising was as a result of the firm’s track record, which investors had been following closely in recent years.<ref>[https://www.privateequityinternational.com/news/europe/2016-09-06/opcapita-hits-%E2%82%AC350m-hard-cap-on-fund-ii-%E2%80%93-exclusive OpCapita Hits €350 million Hard-cap on Fund II - Exclusive - Private Equity International 6 September 2016]</ref>
On 12 January 2017, ''Real Deals'' nominated OpCapita for "Turnaround House of the Year" 2017.<ref>[http://realdeals.eu.com/news/2017/01/12/private-equity-awards-2017-deal-house-year-shortlists Private Equity Awards 2017 House of the Year Shortlists - Real Deals 12 January 2017]</ref> [[Sportech]] announced on 2 March 2017 that it had reached agreement to sell its [[football pools]] business to OpCapita for £83 million, a few months after a deal to sell the business to another financial buyer for approximately £100 million fell through.<ref>[https://www.telegraph.co.uk/business/2017/03/02/sportech-sell-historic-football-pools-business-83m Sportech to sell historic Football Pools business for £83m - The Telegraph 2 March 2017]</ref>
''Unquote'' reported on 3 November 2017 that OpCapita signed an agreement to acquire Merkal Calzados SLU, a 215-store business in Spain selling affordable footwear and accessories.  It said this was OpCapita's third acquisition in Spain, following its investments in Game Spain in 2012 and La Sirena in 2014.<ref>[http://www.unquote.com/southern-europe/official-record/3007312/opcapita-carves-out-footwear-retailer-merkal OpCapita carves out footwear retailer Merkal - Unquote 3 November 2017]</ref>
According to ''Reuters'', OpCapita made its first investment in Italy on 9 March 2018 by acquiring Sebeto, an Italian restaurant group whose assets include the pizza chain [[Rossopomodoro]].  The price was not disclosed, although two sources said the deal values Sebeto at more than €80 million.  OpCapita said it saw significant potential to grow the Rossopomodoro brand in Italy and abroad.<ref>{{Cite news|url=http://uk.reuters.com/article/sebeto-ma-opcapita/private-equity-opcapita-buys-owner-of-rossopomodoro-pizza-chain-idUKL5N1QR40Z|archive-url=https://web.archive.org/web/20180312083322/https://uk.reuters.com/article/sebeto-ma-opcapita/private-equity-opcapita-buys-owner-of-rossopomodoro-pizza-chain-idUKL5N1QR40Z|url-status=dead|archive-date=March 12, 2018|title=Private equity OpCapita buys owner of Rossopomodoro pizza chain|date=9 March 2018|work=Reuters|access-date=11 March 2018|language=en-GB}}</ref>
''Real Deals'' reported on 19 March 2019 that OpCapita has agreed to sell German discount clothing retailer [[:de:NKD|NKD]] Deutschland GmbH to buyout firm TDR Capital.  [[:de:NKD|NKD]] swung to a profit of 45 million euros ($51 million) in 2018 from a loss of 34 million euros at the time OpCapita invested five years earlier.  ''Real Deals'' indicated that OpCapita achieved a return of more than 4x the capital it had invested, and it quoted Josh Spoerri, a managing director at OpCapita, as saying, "The turnaround we have achieved at NKD is emblematic of OpCapita's approach; taking a struggling consumer business and transforming it into a profitable, stable business with great prospects and that continues to delight its thousands of customers".<ref>[https://realdeals.eu.com/news/2019/03/19/opcapita-fashion-chain-nkd-tdr-exit OpCapita sees 4x return from fashion chain NKD - Real Deals 19 March 2019]</ref>
On 25 March 2019, ''WWD'' reported that OpCapita Consumer Opportunities Fund II LP has agreed to acquire a majority stake in women's apparel retailer [[Maurices]] Inc., OpCapita's first investment in the US.  The deal, which values [[Maurices]] at $300 million, allows seller [[Ascena Retail Group]] Inc. (ASNA) to retain an interest in the Duluth, Minn.-based value retailer and certain management members to invest alongside OpCapita. Ascena's other brands include Dressbarn, Ann Taylor, Loft, Lane Bryant, Catherines and Justice.  For its part, OpCapita has prior experience with clothing retailers, including its sale of 1,800-store-strong European clothing company NKD Vertriebs GmbH to TDR Capital LLP.  ''WWD'' quoted Chris McDermott, a managing director at OpCapita, as saying Maurice's "provides [OpCapita with] a strong platform from which to apply the operational improvement strategies we have successfully implemented to drive growth and improve profitability in other businesses."<ref>[https://wwd.com/business-news/financial/ascena-sell-majority-stake-in-womens-chain-maurices-1203091507 Ascena Sells Majority Stake in Women’s Chain Maurices - WWD 25 March 2019]</ref>
The Spanish press reported on 22 July 2021 that Excelsior Times, the holding company of Spanish entrepreneur José Elías, had acquired La Sirena from OpCapita following six years of OpCapita's ownership.  During that time, EBITDA increased from €4 million to over €15 million.  Elías was quoted as saying, "La Sirena is a great brand and an opportunity to contribute, together with the current management team, to promote and accelerate the strategic plan that began three years ago."<ref>[https://cincodias-elpais-com.translate.goog/cincodias/2021/07/22/companias/1626944708_293116.html?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui,sc José Elías, owner of Audax, buys 100% of La Sirena supermarkets - Cinco Días 22 July 2021]</ref>
In September 2022, Soul Foods Group announced it had received a structured investment from [[Centerbridge Partners]], Metric Capital Partners and OpCapita LLP to support the Company's plans to double its number of restaurants from 400 to 800 sites over the next five years. Soul Foods operates KFC, Taco Bell, Burger King and Starbucks franchises in the UK and Canada.<ref>[https://www.foodserviceequipmentjournal.com/investors-fund-soul-foods-groups-plans-to-double-qsr-restaurant-estate Investors Fund Soul Foods Group's Plans to Double QSR Restaurant Estate - Food Service Equipment Journal 26 September 2022]</ref>
==Investments==
===Current investments===
{| class="wikitable"
|-
! Company !! Sector !! Country !! Fund Investment Date
|-
| The Football Pools || Gaming || {{flagicon|GBR}} || June 2017
|-
| Merkal Calzados || Shoe retail || {{flagicon|ESP}} || December 2017
|-
| [[Rossopomodoro]] || Restaurants || {{flagicon|ITA}} || June 2018
|-
| [[Maurices]] || Women's clothing retail || {{flagicon|USA}} || May 2019
|-
| Soul Foods Group || QSR || {{flagicon|GBR}} {{flagicon|CAN}}|| September 2022
|-
|}
===Former investments===
{| class="wikitable"
|-
! Company !! Sector !! Country !! Investment Date !! Realisation Date
|-
| La Sirena || Food retail || {{flagicon|ESP}} || December 2014 || July 2021
|-
|AppelrathCüpper
|Multi-brand clothing retail
|{{flagicon|GER}}
|July 2016
|October 2020
|-
| [[:de:NKD|NKD]] || Discount clothing retail || {{flagicon|GER}} || March 2014 || May 2019
|-
| [[Game (retailer)|Game]] || Video games retailer || {{flagicon|GBR}} || April 2012 || June 2014
|-
| Game Spain || Video games retailer || {{flagicon|ESP}} || April 2012 || June 2014
|-
| [[:fr:But (entreprise)|BUT]] || Home equipment retailer || {{flagicon|FRA}} || April 2008 || November 2016
|-
| [[Comet Group]] || Electrical retailer || {{flagicon|GBR}} || February 2012 || November 2012
|-
| [[MFI Group]] || Kitchen and bathroom retailer || {{flagicon|GBR}} || October 2006 || September 2008
|}
==References==
<references/>
==External links==
*{{Official website|http://www.opcapita.com/}}
[[Category:Financial services companies established in 2006]]
[[Category:2006 establishments in the United Kingdom]]
[[Category:Private equity firms of the United Kingdom]]