Apollo Group will expand to the Norwegian market with the KFC franchise
Apollo Group, in cooperation with MM Group and KFC franchisor, is in the process of acquiring the local Fly Chicken restaurant chain operating in the Norwegian market in order to bring the KFC franchise to the Norwegian market.
The seller is the Norwegian company Fly Holding AS, whose main owners are the Sandvik family, Knut Nikolai Tønnevold Ugland and CEO Ronny Gjøse.
Today, Fly Chicken operates 19 locations in Norway, most of which Apollo Group plans to convert into KFC restaurants. In addition, Apollo Group plans to open new KFC restaurants in Norway within the next 5 years.
Norway becomes the fifth KFC market where Apollo Group operates under a KFC franchise agreement. Norway offers strong purchasing power, a highly developed restaurant and delivery market, and significant potential in the fried chicken category, where KFC is currently not represented.
Together with the acquisition of the company, Apollo Group plans to invest around 20 million euros in the Norwegian market over the next 5 years.
Following completion, Fly Chicken 's co-founder and CEO Ronny Gjøse, a hands-on restaurant operator with more than 35 years in the industry, will continue as CEO and lead the transition, conversion and further development of the business in Norway.
Toomas Tiivel, CEO of Apollo Group, commented: "This acquisition marks another important milestone in Apollo Group 's international expansion and further strengthens our position in Northern Europe. Norway is an attractive market with strong purchasing power, a stable economy and significant long-term potential. We see considerable opportunities to further develop the KFC brand by combining Fly Chicken 's local expertise with Apollo Group 's extensive experience in operating and expanding international restaurant concepts across multiple markets. "
Ronny Gjøse, CEO of Fly Holding AS, commented: "We built Fly Chicken into Norway 's leading fried chicken concept, scaling to 19 restaurants with a small, efficient team and strong systems, without compromising on quality. This transaction brings together complementary strengths, an established Norwegian platform and local know-how on our side, and one of the world 's strongest restaurant brands with Apollo Group 's international experience and resources behind it. I am proud of what we have built, and I look forward to taking it further together with Apollo Group and KFC. "
The acquisition is in line with Apollo Group 's long-term growth objectives and strategic expansion plans. This is an important strategic step that expands Apollo Group 's geographic footprint and creates additional operational synergies.
Fly Chicken is a modern Norwegian fast casual concept founded in 2018, known for its fried chicken, signature sandwiches, hot sauces and loaded fries, served across dine-in, takeaway and delivery. The turnover of the company last year was 14 million euros.
Completion of the transaction is subject to the usual formalities and processes. The transaction is carried out in cooperation with MM Group in order to mitigate the risks arising from the transaction for Apollo Group in accordance with the current acquisitions policy.
Additional information:
Toomas Tiivel
Chairman of the Management Board
+372 550 5285
toomas.tiivel@apollogroup.ee
Ronny Gjøse
CEO
Fly Holding AS – Fly Chicken AS
+47 95073723
ronny@flychicken.com
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