Exclusive: OpCapita nears final close on debut fund

The firm is expected to close its first fund on just over £100 million before Christmas

OpCapita, a UK-based turnaround firm, is very close to wrapping up its debut fund, PEI has learnt. 

The firm will close OpCapita Consumer Opportunities Fund on just over £100 million (€127 million, $156 million) before Christmas, according to a source familiar with the matter.

Amala Partners is understood to be helping OpCapita with the fundraising. Amala and OpCapita both declined to comment.

OpCapita has already made two investments from the vehicle. In November, the firm acquired Spanish frozen food retailer La Sirena Alimentacion Congelada in a deal thought to be worth around €30 million from existing owners. Its first investment of €20 million was made in November 2013, when the firm acquired German discount clothing retailer NKD, which operates 1,850 stores in Germany, Austria, Slovenia, Croatia and Italy.

OpCapita Consumer Opportunities Fund is the firm’s first dedicated fund. The vehicle has a two-year investment period and will be looking to make a maximum of four investments in total, PEI reported earlier. The fund, which invests in the European retail and consumer sectors, has secured the backing of European and US institutional investors.

Previously, OpCapita, which was founded in 2006, invested on a deal-by-deal basis. In 2012 the firm acquired Spain-based Game Iberica, which later merged with Game Retail in the UK to form Game Digital. The company, which was floated on the London Stock Exchange in June 2014 at 200 pence per share, was trading at 343 pence per share on 8 December. Last week, it was announced the business will enter the FTSE250 on 19 December 2014.