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>> One of Russia's richest men is making a move into the wellness business. Mikhail Fridman and his company, L1 Retail, have agreed to buy health food and supplements chain Holland and Barrett for $2.26 billion. The chain has over 1,300 shops in 16 countries. It was bought in 2010 by the US Carlyle Group as part of a $3.8 billion deal for Nature's Bounty Company.
Carlyle has hired Goldman Sachs to help it sell Nature's Bounty, but wants to sell Holland and Barrett separately. A spokesman for L1 said their investment comes with the health and wellness market growing significantly. The company say they're planning to create a board to help Holland and Barrett grow.
It's likely to include L1's advisory board and investment team, as well as some outside, non-executive directors. Tycoon Fridman's other investments include $200 million in Uber Technologies and a slice of UK North Sea Assets. L1 is expected to close the sale of the health store by September, subject to regulatory approvals.