Last checked at 22 Oct 2021 07:00
22 October 2021
JD Sports Fashion Plc
Acquisition of Cosmos Sport S.A. in Greece and Cyprus
JD Sports Fashion Plc ('JD' or the 'Group'), one of the world's leading retailers of sports, fashion and outdoor brands, announces that on 21 October 2021, it acquired 80% of Cosmos Sport S.A. ('Cosmos').
Based in Crete, Greece, Cosmos was founded in 1982 by Fragiskos Tsiknakis who continues to be active in the business although he has handed over day to day operational responsibility to his three sons Michail (CEO), Eleftherios (Head of Property and Private Label) and Konstantinos (Head of Commercial and Buying). Prior to completion, Cosmos was 70% owned by the Tsiknakis Family with EOS Capital Partners AIFM ('EOS'), who invested into the business in 2019, holding a 30% stake. EOS have disposed of their entire holding in this transaction.
Cosmos operates 57 stores in Greece and three in Cyprus under a variety of retail banners and associated trading websites with the principal ones being Cosmos (32 stores) which is the core fascia of the business and has an elevated sporting goods / lifestyle proposition and Sneaker 10 (19 stores) which has a more premium footwear offer. In the year ended 31 December 2020, Cosmos generated revenues of approximately €52 million.
The size of the transaction does not meet the thresholds for mandatory notification under Listing Rule 10. However, we can confirm that put and call options have been agreed, to enable future exit opportunities for the Tsiknakis Family with whom we will work in partnership.1
Peter Cowgill, Executive Chairman of JD Sports Fashion Plc, said:
"This is another exciting acquisition for JD that further expands our presence in Europe. We welcome the highly experienced and knowledgeable Tsiknakis Family to the Group and we look forward to working with them on the development opportunities in the region."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications Tel: 0203 128 8193
Andrew Jaques
Peter Hewer
Charles Hirst
Catherine Chapman
[1] To the extent that the exercise of any of these put and call options are not at the sole discretion of JD, the maximum consideration payable has been capped below 4.99% of JD's market value, less any consideration already paid.