JD Sports Fashion Plc Acquisition of Cosmos Sport S.A. (8694P)
22 Ottobre 2021 - 8:00AM
UK Regulatory
TIDMJD.
RNS Number : 8694P
JD Sports Fashion Plc
22 October 2021
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 EUR52 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 .
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END
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