Economy

L1 Retail to buy Holland & Barrett for $1.77 billion

L1 Retail to buy Holland & Barrett for $1.77 billion”

Russian billionaire Mikhail Fridman's investment fund L1 Retail has agreed to buy health food retailer Holland & Barrett for GBP1.8 billion, the Financial Times reported Monday.

Subject to approval by regulators the deal is set to finish by September 2017 and comes at a time of continued financial and global expansion for the retailer.

It is the first acquisition made by L1 Retail, which was set up a year ago by Fridman's holding company LetterOne.

The retail investment arm of Letter One will take control of the retailer's 1150 stores worldwide, following a bidding race which saw Superdrug's AS Watson Group consider a £1 billion bid.

More news: Jordan Spieth Drills Epic Bunker Hole-Out to Win Travelers Championship

Holland & Barrett is Europe's largest health and wellness retail chain, with more than 1,150 shops and an online business.

It has almost 1,400 stores around the world, half of them in the United Kingdom, and employs 4,000 people, including 3,400 in the United Kingdom and Ireland - among these 350 at its headquarters in Nuneaton, Warwickshire.

Carlyle agreed to buy Ronkonkoma, New York-based Nature's Bounty, formerly known as NBTY, in September 2010 in a transaction valued at about $3.8 billion.

Carlyle managing director Alex Stirling told FT that the health foods chain had opened more than 300 stores and expanded into new markets under the firm's ownership over the past seven years.



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