09:58, June 26 489 0

2017-06-26 09:58:06
Latham and Jones Day line up for Holland & Barrett sale

Jones Day and Latham & Watkins have won top mandates on the £1.8bn sale of Holland & Barrett.

The disposal marks yet further activity in the retail market, with this month already seeing bumper deals announced by Amazon and The Body Shop. Amazon bought Whole Foods in its largest retail transaction to date, while The Body Shop’s owner L’Oréal said it was considering a €1bn sale of its asset.

In this deal, Latham advised Holland & Barrett’s owner Carlyle Group, which bought the health shop in 2010. The private equity house acquired the brand as part of a $3.8bn deal with its parent business The Nature’s Bounty.

Latham’s team was led by London corporate partner Mike Bond, while finance matters were handled by partner Sam Hamilton. Employment issues were tackled by partners Stephen Brown and Catherine Drinnan, while partners Sean Finn and Deborah Kirk worked on tax and IP respectively.

Holland & Barrett is to be sold to L1 Retail, a fund controlled by Russian businessman Mikhail Fridman. L1 Retail is the retail investment arm of LetterOne, which also has strands focusing on energy, technology and health.

L1 Retail sought counsel from US firm Jones Day and its team was led by private equity partner Raymond McKeeve. Finance issues were handled by fellow London-based partner Paul Simcock.

Holland & Barrett has over 1,150 stores worldwide, with a total of 4,200 staff. It is headquartered in Nuneaton and revenues totalled £610m in 2016.