EQT sells Flying Tiger Copenhagen to Treville

The company's founder, Lennart Lajboschitz, has also sold his 29% stake in the company, Borsen reported.

The publication cited unnamed sources as saying that EQT had secured an earn-out agreement, which will ensure a payment if Treville managed to sell the company on at a profit in the future.

The company was expecting a record high EBITDA going into 2020, before the Covid-19 pandemic struck. The resulting lockdowns caused the company to close stores in all core markets.

EQT's exit comes eight years after it acquired a majority stake in the company, via EQT VI, alongside the management. During that time, the GP said, the company grew from around 200 stores in 16 European countries to more than 900 stores across 27 countries in Europe and Asia. The number of full-time employees increased from 1,000 to 6,000.

Company
Founded in 1988 and based in Copenhagen, Flying Tiger Copenhagen is a variety store chain with more than 900 shops across 27 countries. It has 6,000 employees and had a turnover in 2019 of DKK 5.2bn (€699m) and EBITDA of DKK 408.9m (€55m). 

People
Flying Tiger Copenhagen – Martin Jermiin (CEO).
EQT – Mads Ditlevsen (partner).

Advisers 
Vendor – FIH Partners (M&A); Goldman Sachs (M&A); Accura (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Nordics
• Consumer
• EQT
• Denmark
• Secondary buyout