L1 Retail has agreed to purchase UK-based health and wellness retail chain Holland & Barrett from Nature’s Bounty and Carlyle Group for £1.77bn.

Owning a global network of 1,150 stores, Holland & Barrett reported more than £610m in annual revenues last year.

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L1 Retail managing partner Stephan DuCharme said: “Holland & Barrett is a clear market leader in the UK health and wellness retail market, with attractive growth positions in other European and international markets, and growing online presence, with a leading customer loyalty programme and ten million active cardholders.

“We have upgraded much of our core store portfolio to concept stores to deliver additional in-store theatre and increased customer engagement."

“We believe that the company is well-positioned to benefit from structural growth in the growing £10bn health and wellness market and has multiple levers for long-term growth and value creation.”

With continued international growth across Scandinavia and partnerships with Tesco in the UK, India’s Apollo Hospital Group, and AS Watsons in Hong Kong, Holland & Barrett was able to increase its overseas operations to 16 countries.

Holland & Barrett CEO Peter Aldis said: “We have upgraded much of our core store portfolio to concept stores to deliver additional in-store theatre and increased customer engagement.

“New products launched through our ethical sourcing programme have also been a key growth driver helping to underpin our substantial investment to gain presence across an increasingly global health and wellness market.”

The L1 Retail investment team seeks to buy and build the next-generation of retailers internationally.