Cinven behind JJB Sports bid
Private equity player in approach to founder
The mystery player behind a potential takeover approach to JJB Sports is private equity player Cinven, according to reports.
New agency Reuters quotes “a source close to the process” as confirming that Cinven is behind the approach, backing up a weekend report in the [i]Sunday Times[/i].
JJB, the UK’s biggest specialist sports retailer, confirmed a bid approach last week, without naming the potential bidder.
The newspaper reported that Cinven had appointed investment bank Merrill Lynch to advise it on a bid, and had approached JJB Chairman Dave Whelan, founder of the company.
Cinven has not yet been granted access to JJB’s books, said Reuters. Other private equity bidders would be likely to come forward if JJB goes up for sale officially.
