This early sales operation of umbrellas evolved over time, and it wasn't until a decade later, in 1995, that it transformed into Flying Tiger and opened its very first real store in Copenhagen. Today, the chain operates over 1,100 stores in 44 countries.
The company underwent a restructuring at the beginning of last year, resulting in ownership transferring to a consortium consisting of lenders Danske Bank and Nordea, as well as the previous management. These parties are now selling the business to Modella Capital. The amount the British investor is paying for the Danish chain has not been made public.
The new owner, Modella Capital, has previously acquired other players in the retail sector. Among other things, the British chain WH Smiths stores were purchased, now operating under the name TG Jones.
Modella Capital now announces that it will retain Flying Tiger's current CEO and management team. By allowing the management to remain in place, the new owner wants to create stability within the organization and instead act as financial support for the existing strategy. This plan includes, among other things, opening 700 new franchise stores by 2030.
Sought a Lasting Solution
For Modella Capital, the acquisition is a strategic step. According to CEO Joseph Price, the deal means that Flying Tiger gets a financially strong owner behind it, which gives the chain the opportunity to utilize the group's resources to complete its planned expansion.
Flying Tiger Copenhagen is an exciting opportunity for Modella Capital. With its brand and a unique product range that has built a loyal customer base in over 40 countries, it is a business with potential. We are delighted to invest in its future and we look forward to working closely with the management team to provide the stability, capital and retail expertise that the business needs to fulfill its growth plan, says Joseph Price.
Within Flying Tiger's management, expectations are high. Jens Aarup Mikkelsen, who took office as CEO of Flying Tiger three months ago, believes that the new owner adds necessary industry experience:
I am very much looking forward to the new collaboration, where we build on the creativity and energy that has made Flying Tiger Copenhagen something special in a competitive retail market for over 30 years, he says.
The Chairman of the Board of Flying Tiger, John Dueholm, comments on the deal:
Throughout the process, we have focused on finding the right long-term owner for the company, and we believe that Modella Capital is very well positioned as the new majority owner to support the company's continued development, says John Dueholm.