Sports retailer JD Sports Fashion has acquired an 80% stake in Cosmos Sport. The news provided a boost to JD Sports share price – in mid-morning trading shares were up nearly 3% to 1,068.5p.
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.
Prior to the JD Sports deal, Cosmos was 70% owned by the Tsiknakis family with EOS Capital Partners, who invested into the business in 2019, holding a 30% stake. EOS have now 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 Sneaker 10 (19 stores), which has a more premium footwear offer.
In the year ending December 2020, Cosmos generated revenues of approximately €52m.
Commenting on the acquisition 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.”