The retail industry veteran’s addition as a shareholder comes as Applied Nutrition begins meeting with city bodies ahead of a potential London float event this year, according to Sky News. That’s what it means.
The former president of JD Sports Fashion, who led the soaring stock price, has acquired a stake in Applied Nutrition, a rapidly growing sports supplement maker, and is stepping up preparations for a major rise.
Sky News has learned that Peter Cowgill, who left the high street corporate giant less than two years ago, has acquired a multi-million pound stake in Applied Nutrition in his personal capacity.
The acquisition is expected to be announced by the company on Monday, the people said.
Mr Cowgill is no stranger to the Liverpool-based business, having oversaw the acquisition of around a 30% stake in the company during his tenure at JD Sports.
Mr Cowgill said in an interview with Sky News on Sunday: “I have been committed to JD’s investment in Applied Nutrition in 2021 and am very pleased with the growth and profitable development of the business.”
“I have always been really impressed with the management team and am excited to make a significant personal investment in the company.
“I remain confident in our continued growth and success in a rapidly expanding market.”
Mr. Cowgill previously served as a non-executive director of Applied Nutrition, a position he resigned from when he left JD Sports in 2022.
sky news It was revealed earlier this year Applied Nutrition Inc. has entered into an agreement with bankers from Deutsche Numis AG to prepare for an initial public offering.
City officials said the company will begin its first meetings with institutional investors this week to inform them.
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The company also appointed Andy Bell, founder of London-listed investment platform AJ Bell, as chairman, further strengthening its qualifications for an initial public offering (IPO).
Founded by Thomas Ryder, Applied Nutrition formulates and manufactures premium nutritional supplements for professional athletes and gym enthusiasts.
It is the official nutrition partner of various British football clubs including: Premier League Fulham side, Scottish Premiership side Glasgow Rangers.
The company sells its products in more than 60 countries and also works with professional boxers, MMA stars, and sports sectors such as basketball, cycling, and rugby league.
Applied Nutrition’s biggest brands include ABE (All Black Everything), a pre-workout range currently stocked by Walmart, the world’s largest physical retailer and former owner of Asda.
Other products in the portfolio include BodyFuel, a hydration drink;
Applied Nutrition, which employs over 200 people, has experienced rapid growth in recent years and is on track to reach the £100m turnover milestone this financial year.
A significant portion of this growth is expected to come from the United States, where the company has established a subsidiary in Texas.
The company’s financial results for the year to the end of July last year revealed that sales rose 74% to £61.2m and profits before interest, tax, depreciation and amortization rose 80% to £18.1m.
Ryder and the company’s chief operating officer, Stephen Granite, are also major shareholders in Applied Nutrition.
A listing could occur as early as this year, and a successful listing would provide a boost to the London Stock Exchange’s efforts to attract fast-growing companies to list.
The decision of a growing number of companies to move their listings to the US, with Paddy Power owner Flutter Entertainment the latest example, has cast a dark cloud over the City.
Last year, the number of companies going public in London halved and revenue raised from initial public offerings (IPOs) fell 40% from the previous year.
