L1 Retail buys Holland & Barrett for $1.8bn

Mikhail Friedman

Holland & Barrett, a chain of health food shops which dates back to 1870, was bought in 2010 by the United States hedge fund The Carlyle Group, who also own the far bigger U.S. chain, Nature's Bounty.

L1 Capital will pay £1.8 billion ($2.3 billion) to acquire Holland & Barrett from U.S. private equity powerhouse Carlyle, which has owned the retailer since 2010.

The stores chain was founded in Bishop's Stortford, Hertfordshire, in 1870, and now employs more than 4,000 people. Its annual revenues a year ago exceeded 610 million.

Jonathan Buxton, partner and head of retail at Cavendish Corporate Finance, said the takeover by L1 Retail could help Holland & Barrett fend off growing competition. The transaction is expected to close by September 2017 subject to customary regulatory approvals.

Holland & Barrett has been sold to investment firm, L1 Retail, for $1.8 billion.

Mikhail Fridman head of British Russian oil venture TNK-BP
AFP 2017 NATALIA KOLESNIKOVARussia's Mikhail Fridman Invests $50Mln in US-Based Freedom Pop Start-Up

Health food store Holland & Barrett has been sold to a Russian billionaire for £1.8bn.

LetterOne was founded in 2013 and is an worldwide investment business headquartered in Luxembourg.

L1 also has funds focused on energy, technology and health. However, he is at the helm of the investment fund, worth 2.5 billion euro and only created previous year to buy its way into the European retail industry.

The company boasts a very experienced advisory group including John Walden, the former chief executive of Home Retail Group, and Karl-Heinz Holland, who was chief executive of the German discount supermarket Lidl.

This year Latham has advised Carlyle on its €400m (£351m) acquisition of Italian fashion brand Golden Goose Deluxe Brand, as well as its $400m (£314m) investment in ION Investment Group, a global provider of mission-critical software to financial institutions and corporates.


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