Russian billionaire buys Holland & Barrett Holland & Barrett in £1.8bn deal

Holland & Barrett, the UK health food chain, is reportedly being acquired by a Russian billionaire in a £1.8bn deal.

Mikhail Fridman’s fund L1 Retail is set to buy Holland & Barrett from the US-based private equity company, Carlyle Group, according to the Financial Times.

Carlyle Group purchased Holland & Barrett as part of its acquisition of Nature’s Bounty in 2010 for £3bn.

The health food chain operates 1,150 stores and employs over 4,000 people.

This deal marks the first acquisition by L1 Retail, which was launched in 2016 by Mr Fridman’s holding company LetterOne.

Holland & Barrett recorded revenues of £610m in 2016 and earnings before interest, tax, depreciation and amortisation of more than £150m.

The acquisition of Holland & Barrett is expected to close in September.