DLA Piper has advised the management team of UK health food retailer, Holland & Barrett, on the £1.8 billion sale to L1 Retail, Mikhail Fridman’s LetterOne investment business. The sale also represents a partial exit for private equity backer, the Carlyle Group, who acquired Holland & Barrett's parent company Nature's Bounty seven years ago.

Corporate partners Tim Wright and Edward Griffiths led the London-based team in advising Holland & Barrett throughout the sale, which sees Holland & Barrett chief executive, Peter Aldis, continue in his position.

Founded in 1870 and headquartered in Nuneaton, Holland & Barrett is Europe’s largest health food chain with outlets in more than 1,150 locations and a workforce exceeding 4,800 staff. Turnover was £444.1 million in the year to 30 September 2016, up from £434.7m 12 months earlier.

Peter Aldis, added: "We are delighted to now be in partnership with the L1 Retail team and its advisory board of internationally-renowned retailers. We have upgraded much of our core store portfolio to concept stores to deliver additional in-store theatre and increased customer engagement."