- EQT VI to acquire 70% of Tiger, a successful and fast growing variety retail store concept with more than 170 stores across 16 European countries
- EQT VI to support Tiger on its journey to become a leading international retail concept and accelerate the store network expansion
- EQT VI to enter a partnership with the current owners led by founder and CEO Lennart Lajboschitz, who will remain significant shareholders with 30% ownership
EQT VI has agreed to invest in Zebra A/S (“Tiger” or the “Company”), the Denmark-based parent company of the successful and fast growing Tiger retail store concept with more than 170 stores across 16 European countries and a recent establishment in Japan.
Tiger started in 1995 as a Danish discount store. Since then, the Company has been through a major evolution and is today an international “fun shopping” concept offering a broad range of affordable products with a Scandinavian design DNA. Over the last five years, Tiger has had sales growth of more than 25% per year, and last year posted sales of DKK 710 million and EBITDA of DKK 110 million. In the same period, the Company more than doubled its store network through a combination of fully-owned stores and stores developed by local joint venture partners in the major cities of Europe. This year, the Company has opened 52 stores, including the successful opening of a test shop in Osaka, Japan. At the end of the year, the Company expects to reach 195 stores, with more than 2/3 of the stores located outside of Denmark.
EQT VI will support Tiger in its ambition to become a leading international retail concept, and accelerate the expansion of the Company’s store network. EQT VI will enter into a partnership with the Company’s current owners, led by founder and CEO Lennart Lajboschitz, who will remain significant shareholders with a 30% ownership stake. Mr. Lajboschitz and his management team will continue to lead Tiger’s development also after the transaction.
“We are delighted about the partnership with EQT and believe the timing is perfect. We see great growth opportunities for Tiger and can benefit from EQT’s extensive experience developing successful companies, including its network of industry contacts. The transaction supports our growth strategy and ambition of becoming a leading international retail concept”, says Lennart Lajboschitz, founder and CEO of Tiger.
“We consider Tiger a highly attractive growth opportunity and are impressed by the development so far, and by the management and the culture. EQT VI will supplement the board with international retail experience from EQT’s network of Industrial Advisors, and will capitalize on their strong track-record of developing and internationalizing retail concepts across the world. We see few retail concepts with a similar international growth potential, and believe Tiger fits very well with EQT’s industrial approach to developing companies to reach their full potential”, says Morten Hummelmose, Partner at EQT Partners in Denmark, Investment Advisor to EQT VI.
The parties have agreed not to disclose the value of the investment.
The transaction is subject to approval by the relevant competition authorities, and is expected to be completed in January 2013.
EQT VI was supported by SEB Enskilda as M&A Advisor, Accura as Legal and Tax Advisor, and KPMG as Financial Advisor.
Morten Hummelmose, Partner at EQT Partners in Denmark,
Investment Advisor to EQT VI, +45 3312 1236
Johan Hähnel, EQT VI Spokesperson
+46 8 506 55 334
Lennart Lajboschitz, CEO of Zebra A/S
+45 33 32 73 28
EQT is the leading private equity group in Northern Europe with over EUR 19 billion in raised capital and multiple investment strategies. Together with an extensive network of independent Industrial Advisors, EQT implements its investment strategy by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, supporting their development into leading companies. Development is achieved by an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 11 billion in around 100 companies and exited close to 50. EQT-owned companies have more than 550,000 employees.
EQT Partners, acting as Investment Advisor to the managers of each EQT fund, has around 120 investment professionals with an extensive industrial and financial competence. EQT Partners and its affiliates have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.
More information can be found on www.eqt.se
Tiger is a Danish variety retail concept with more than 170 stores in 16 European countries, and a recent establishment in Japan. Tiger started as a discount store in Copenhagen in 1995, but has developed into a successful international retail concept with a distinct Danish DNA. Tiger appeals to customers across age and income groups, with customers appreciating Tiger for its offering of affordable Scandinavian design-inspired products and a pleasant and fun shopping experience. Tiger has expanded internationally through a combination of fully-owned stores and stores developed by local joint venture partners in the major cities of Europe. In 2011, Tiger posted revenue of DKK 710 million and EBITDA of DKK 110 million. Today Tiger employs approximately 1,700 people.