Apollo Group, in partnership with MM Grupp and the KFC franchise owner, is acquiring Norwegian fast-food chain Fly Chicken and, through the transaction, bringing the KFC brand to the Norwegian market for the first time.
Fly Chicken currently operates 19 restaurants across Norway. Following the acquisition, Apollo Group plans to convert most of Fly Chicken’s restaurants into KFC locations and open additional restaurants in the country over the next five years.
Norway will become the fifth market in which Apollo Group operates KFC franchises. The country is characterised by strong consumer purchasing power, a well-developed restaurant and food delivery market, and significant growth potential in the fried chicken segment, where KFC has not previously been present.
As part of the acquisition, Apollo Group plans to invest approximately €20 million in developing the Norwegian market over the next five years.
Following the completion of the transaction, Fly Chicken co-founder and CEO Ronny Gjøse will continue as CEO and lead the further development of the business in Norway.
Apollo Group CEO Toomas Tiivel commented: “This acquisition marks another significant milestone for Apollo Group. Norway is an attractive market characterised by strong purchasing power, a stable economy and significant long-term growth potential. We see strong opportunities to further develop the KFC brand by combining Fly Chicken’s in-depth knowledge of the local market with Apollo Group’s experience in managing and developing international restaurant concepts across different markets.”
Ronny Gjøse, CEO of Fly Holding AS, commented: “We built Fly Chicken with the ambition of becoming Norway’s leading fried chicken concept, growing it to 19 restaurants with a small, efficient team and strong systems, without external funding. This transaction creates a strong platform for combining our team’s expertise with Apollo Group’s experience in developing KFC, one of the world’s best-known fast-food brands. I look forward to working with Apollo Group and KFC as we take the next step on this journey.”
The acquisition is in line with Apollo Group’s long-term growth ambitions and strategic expansion plans. It represents an important step in expanding the group’s geographical footprint while creating additional synergies across the business.
Fly Chicken is a modern Norwegian fast-food concept founded in 2018 and known for its fried chicken, signature sandwiches, sauces and hand-cut fries. The company generated revenue of €14 million in 2024.
