The former head of JD Sports Fashion, who presided over its soaring stock market valuation, is taking a stake in fast-growing sports supplement maker Applied Nutrition as it steps up preparations for a major IPO.
Sky News has learned that Peter Cowgill, who left the high street giant just under two years ago, is taking a multi-million pound stake in Applied Nutrition in a personal capacity.
Sources said the purchase would be announced by the company on Monday.
Cowgill knows the Liverpool-based business well, having orchestrated the acquisition of a stake of around 30% during his tenure at JD Sports.
Speaking to Sky News on Sunday, Cowgill said: “Having been instrumental in executing JD’s investment in Applied Nutrition in 2021, I am delighted with the growth and profitable development of the business.
“I have always been very impressed with the management team and am excited to make a material personal investment in the company.
“I remain confident in its continued growth and success in a rapidly expanding market.”
Cowgill previously served on Applied Nutrition’s board in a non-executive capacity, but stepped down when he left JD Sports in 2022.
Sky News revealed earlier this year that Applied Nutrition hired bankers from Deutsche Numis to prepare the company for a public listing of its shares.
City sources said the company would begin initial meetings with institutional investors this week to familiarize them with the matter.
It also appointed Andy Bell, founder of London-listed investment platform AJ Bell, as its chairman, further bolstering its credentials 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 nutritional partner of several English football clubs, including Premier League side Fulham, and Glasgow Rangers, from the Scottish Premiership.
The company, which sells its products in more than 60 countries, also maintains partnerships with professional boxers, MMA stars and sports stars such as basketball, cycling and rugby league.
Applied Nutrition’s biggest brands include ABE – All Black Everything – which is a pre-workout line now stocked by Walmart, the world’s largest physical retailer and former owner of Asda.
Other products in the portfolio include BodyFuel, a hydrating drink.
Employing more than 200 people, Applied Nutrition has seen rapid growth in recent years and is heading towards a £100m sales milestone during the current financial year.
A significant portion of this growth is expected to come from the US, where it has established a subsidiary in Texas.
Accounts for the year to the end of July last year revealed a 74% increase in turnover to £61.2m, with earnings before interest, tax, depreciation and amortization rising 80% to £18 .1 million pounds.
Ryder and Steven Granite, the company’s chief operating officer, are also large shareholders in Applied Nutrition.
A successful listing of the company, which could occur as early as this year, would be a boost to the London Stock Exchange’s efforts to attract fast-growing companies to list.
Decisions by a growing number of companies to move their listings to the US – with Paddy Power owner Flutter Entertainment becoming the most recent example – have cast a shadow over the city.
Last year, the number of companies that went public in London halved, with revenue from initial public offerings (IPOs) falling by 40% year on year.
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