Russian billionaire to buy Holland & Barrett
Mikhail Fridman’s L1 Retail to buy health food and supplements chain for £1.77 billion
Holland & Barrett has been acquired for £1.8 billion by a retail investment fund controlled by Russian billionaire Mikhail Fridman. (Photograph: Nick Ansell/PA Wire)
Russian billionaire Mikhail Fridman’s L1 Retail has agreed to buy health food and supplements chain Holland & Barrett for £1.77 billion (€2bn) from The Nature’s Bounty Co. and The Carlyle Group, the companies said in a statement.
L1 Retail is expected to close the transaction by September, subject to regulatory approvals. Private equity firm Carlyle acquired Nature’s Bounty, including Holland & Barrett, in 2010 for $3.8 billion.
Holland & Barrett has more than 1,300 shops in 16 countries including Ireland.
“We believe that the company is well positioned to benefit from structural growth in the growing 10 billion pound health and wellness market and has multiple levers for long term growth and value creation,” said L1 Retail managing partner Stephen DuCharme.
A spokesman for L1 told Reuters the company would create a board for Holland & Barrett that would include L1 Retail’s advisory board and investment team, possibly some outside non-executive directors and the chief executive and chief financial officer of the chain.
“We will create a board that features the best possible combination of skills to support the leadership team and take Holland & Barrett to the next level,” he said.
Tycoon Fridman’s other investments include $200 million in ride-hailing firm Uber Technologies and UK North Sea assets.