Bury’s JD Sports buys Crete-based Cosmos Sport

Bury-based FTSE 100 retailer JD Sports Fashion Plc announced it acquired 80% of Crete-based Cosmos Sport S.A.

“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),” said JD Sports.

“Prior to completion, Cosmos was 70% owned by the Tsiknakis Family with EOS Capital Partners AIFM, 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.”

JD Sports executive chairman Peter Cowgill 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.”