Nature’s Bounty Co. is selling its United Kingdom health and wellness retail chain Holland & Barrett International for more than $2.25 billion to an investment firm controlled by Russian billionaire Mikhail Fridman.
The Ronkonkoma-based vitamin and dietary supplement maker said L1 Retail, the retail investment arm of LetterOne, an international investment business based in Luxembourg, has agreed to purchase Holland & Barrett. The transaction is expected to close by September, pending regulatory approvals, the companies announced Monday.
Founded in 1870, Holland & Barrett was originally a grocery and clothing store. The Nuneaton, U.K.-based company’s annual revenue in 2016 was more than $775 million. The retail chain has more than 1,150 stores in 16 countries, including the United Kingdom, the Netherlands, Ireland, Belgium, Sweden and India. It employs 4,200 people.
Last year, Holland & Barrett received the International Trade Award from Queen Elizabeth II.
Holland & Barrett was acquired in 1997 by Nature’s Bounty, formerly named NBTY. NBTY was purchased in 2010 by the Carlyle Group, a Washington, D.C.-based investment fund. Nature’s Bounty’s brands include vitamin brand Nature’s Bounty and supplements brand Puritan’s Pride, as well as Sundown Naturals, Solgar, Osteo Bi-Flex, Ester-C, MET-Rx, Pure Protein, Balance, Body Fortress and Organic Dr.
“Carlyle has been a great partner for Holland & Barrett over the last few years, investing in the brand, our people, and next generation technology, which has driven our growth,” Peter Aldis, chief executive of Holland & Barrett, said in a statement. “We look forward to building on this track record as we enter the next chapter with L1 Retail.”
Steve Cahillane, president and chief executive of Nature’s Bounty, said in a statement: “We wish Peter and all associates well in the future as they continue to build the business.”