Health food store Holland & Barrett has been sold to a Russian billionaire for £1.8bn.
L1 Retail, which is a division of Fridman's holding company LetterOne, said it has purchased Holland & Barrett from parent company Nature's Bounty - which is owned by U.S. private equity firm Carlyle.
Nuneaton-based Holland & Barrett was bought by Carlyle as part of its $3.8bn acquisition of Nature's Bounty in 2010.
L1 Retail, Holland & Barrett, Carlyle Group and Nature's Bounty were not immediately available to comment. "We believe that the company is well positioned to benefit from structural growth in the growing £10 billion health and wellness market and has multiple levers for long term growth and value creation".
It is the first acquisition made by L1 Retail, which was set up past year by Fridman's holding company LetterOne.
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The Financial Times reported that Peter Aldis, the chief executive of Holland & Barrett, will stay on at the company after the transaction, which is expected to close by September.
"We look forward to building on this track record as we enter the next chapter with L1 Retail".
The stores chain was founded in Bishop's Stortford, Hertfordshire, in 1870, and now employs more than 4,000 people.
Led by DuCharme, L1's advisory board is made up of Karl-Heinz Holland and John Walden, the former bosses of Lidl and Home Retail Group respectively.
"We have invested heavily in the Holland & Barrett brand, built an innovation pipeline, opened over 300 new stores, built an industry-leading omni-channel platform, and expanded the business internationally".
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