L1 Retail’s £1.77 billion acquisition of Holland & Barrett

Jones Day is advising L1 Retail, the retail investment arm of LetterOne, on its acquisition of Holland & Barrett, Europe’s largest health and wellness retailer, from The Nature’s Bounty Co. and The Carlyle Group for £1.77 billion.

The transaction is expected to close by September 2017 subject to customary regulatory approvals. Further financial terms were not disclosed.

Originally founded in 1870, Holland & Barrett has grown to be Europe’s largest Health and Wellness retail chain with stores in more than 1,150 locations worldwide, a significant rapidly expanding online ecommerce capability and a world-class leadership team supported by its global employee base of more than 4,200 associates and staff.

Headquartered in Nuneaton, UK, the company’s annual revenues in 2016 exceeded GBP610m, marking 32 consecutive quarters of like-for-like growth in the business, helped by significant investments into new store openings, the company’s online sales platform and click-and-collect retail capabilities and marketing campaigns such as “The Good Life”.

Continued international growth across Scandinavia and in Holland & Barrett’s partnerships with Tesco plc in the UK, Apollo Hospital Group in India, and AS Watsons in Hong Kong, helped increase the company’s international operations footprint to 16 countries.

The L1 Retail investment team aims to leverage its strong track record in retail to buy and build the next generation of retailers internationally. Led by Managing Partner Stephan DuCharme, and supported by an Advisory Board of internationally renowned retail leaders – Karl-Heinz Holland, Clive Humby and John Walden – L1 Retail aims to add value through its deep sector and strategic expertise as well as its familiarity with data and financial markets.

Carlyle was advised by Goldman Sachs, Houlihan Lokey, UBS, PWC, Latham Watkins LLP, and OC&C.

Jones Day is advising L1 Retail on the deal with a team led by Raymond McKeeve.


Involved fees earner: Raymond McKeeve – Jones Day;

Law Firms: Jones Day;

Clients: L1 Retail;