EQT has acquired 70 per cent of “fun shopping” retailer Tiger, which operates through 170 stores across 16 countries in Europe.
Deploying cash from its sixth fund, EQT has invested in parent company Zebra, based in Denmark. The Tiger chain, with a wide presence in Europe, recently established itself in Japan.
Established in 1995 as a Danish discount store, the company has evolved into a “fun shopping” concept, offering a range of affordable products with a Scandinavian design element. Over the last five years the chain has experienced sales growth of 25 per cent each year, and last year reported sales of DKr710m (€95.2m), while Ebitda came in at DKr110m. During that period the company also doubled its store network through both fully-owned stores and outlets developed by local joint venture partners. This year alone Tiger opened 52 stores, including a test shop in Osaka, Japan. By the end of 2012 the company hopes to reach a total of 195 stores, with more than two-thirds of its offering located outside of Denmark.
Following the transaction, EQT aims to support Tiger with its growth plans. The company's chief executive Lennart Lejboschitz has retained a 30 per cent stake.
EQT was supported by SEB Enskilda as an M&A adviser, Accura as legal and tax advisor, and KPMG as financial adviser.