Carlyle sells Holland & Barrett to L1 Retail for £1.77bn

The sale is a partial divestment from the GP's original investment in US-based Nature's Bounty, which it acquired in 2010 for a reported $3.8bn.

A spokesperson for Carlyle declined to comment on returns at this time, though they confirmed the GP was invested in Nature's Bounty via Carlyle Europe Partners III, a €5.35bn vehicle that held its final close in September 2007.

Under the vendor's tenure, Holland & Barrett invested in product development, its e-commerce platform, new bricks-and-mortar stores and the refurbishment of existing stores. It also expanded its presence in the Nordic market.

The transaction is subject to regulatory approval and is expected to complete by September 2017.

Company
Founded in 1870 and headquartered in Nuneaton, Holland & Barrett is a health food retailer. The business generated revenues of £610m in 2016, according to a statement issued by the vendor. It has a total of 1,150 stores across 16 countries and a headcount of around 4,200.

People
Carlyle Europe Partners – Marco De Benedetti (managing director, co-head).
L1 Retail – Stephan DuCharme (managing partner).
Nature's Bounty – Steve Cahillane (president, CEO).
Holland & Barrett – Peter Aldis (CEO).

Advisers
Vendor – Goldman Sachs (corporate finance); Houlihan Lokey (corporate finance); UBS Investment Bank (corporate finance); PwC (corporate finance); Latham Watkins (legal); OC&C (commercial due diligence).

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