EQT Private Equity Exits Flying Tiger Copenhagen to Treville
EQT Private Equity has sold its stake in Danish retailer Flying Tiger Copenhagen to investment firm Treville after eight years of ownership. The transaction closed on February 10, 2021.
EQT Private Equity announced the divestment of its portfolio company Flying Tiger Copenhagen to Treville, an investment firm focused on the consumer sector. EQT had held ownership in the Copenhagen-based variety retailer for eight years.
Since EQT Private Equity's investment in 2013, Flying Tiger Copenhagen has expanded significantly. The company grew from approximately 200 stores across 16 European countries to over 900 stores in 27 countries spanning Europe and Asia. The employee base also increased from around 1,000 to approximately 6,000.
The retailer underwent a turnaround initiated by EQT, which resulted in an EBITDA increase exceeding 50 percent in 2019. The company was projected to achieve its highest EBITDA in 2020, but global lockdowns due to the COVID-19 pandemic impacted its performance.
EQT stated that Flying Tiger Copenhagen is well-positioned for a strong rebound post-pandemic, and Treville brings relevant experience in the consumer industry.