Russian billionaire buys Holland & Barrett

[LONDON] Russian billionaire Mikhail Fridman has bought British health food retailer Holland & Barrett for £1.8 billion (S$3.17 billion), his investment fund said on Monday.

L1 Retail, which is a division of Fridman's holding company LetterOne, said it has purchased Holland & Barrett from parent company Nature's Bounty - which is owned by US private equity firm Carlyle.

"Holland & Barrett is a clear market leader in the UK health and wellness retail market, with attractive growth positions in other European and international markets," said LetterOne managing partner Stephan DuCharme in a statement.

Holland & Barrett is Europe's largest health food chain with more than 1,150 outlets and a workforce of some 4,200 people.

The group was founded in 1870 and is headquartered in Nuneaton in central England. Its annual revenues last year exceeded £610 million.

AFP