OpCapita shies away from V&D acquisition

London-based private equity firm OpCapita, former owner of electrical chain Comet and gaming retailer Game, is said to have been one of the frontrunners in the bid bankrupt department store group V&D.

The bankrupted Dutch department store group, which previously consisted of restaurant chain La Place, is said to be close to be making a restart as the last two interested parties closed in. OpCapita, together with Dutch retail group Cool Investments, were understood to be the last bidding parties, but the former reportedly dropped out of the race for V&D ten days ago, according to local news reports, for unknown reasons.

Founded in 2006 under the name Merchant Equity Partners, OpCapita made a name of itself in the UK by purchasing ailing or bankrupt chains, such as Game and Comet, although some criticized the firm for its acquisition of Comet. OpCapita acquired the electronic chain in 2011 for the nominal sum of one pound but failed to turnaround the struggling chain and shut it down less than a year later. Over 7,000 employees lost their jobs whilst the firm owner Henry Jackpot reportedly pocketed 2 million pounds.

Coolcat founder and owner of Cool Investments Roland Kahn is rumoured to be the new owner of V&D. but he previously claimed former news reports on the acquisitions to be false.