We identify and invest in companies that are well positioned for long-term growth

Holland and Barrett

Holland & Barrett

Holland & Barrett

Founded in 1870, Holland & Barrett has grown to be Europe’s largest health and wellness retailer, with 1077 stores in more than 18 countries.

We believe Holland & Barrett is well positioned for growth, meeting the health and wellness needs of its customers and benefiting from increased awareness and desire for healthy living. The company has achieved 38 consecutive quarters of like-for-like revenue growth, driven by strong execution, product innovation and a growing digital presence.


38 consecutive quarters of like-for-like growth.


Stores worldwide

Working with the management team at Holland & Barrett, we are developing a long-term vision and growth ambition for the company. This will be driven by digital transformation of all aspects of the business, using data to better understand and meet customers’ needs, developing technology IP and capabilities and shaping the leadership and culture to focus on achieving long-term success in a changing retail environment. Holland & Barrett has accelerated investment in recruiting and developing top-tier talent in all areas of the business to help drive this vision forward.

In 2017 we acquired 100% of Holland & Barrett from Nature’s Bounty/Carlyle Group for £1.77 bn. The transaction was funded by equity from LetterOne and £825 m of senior debt financing, coordinated by Citi, HSBC, UBS, Societe Generale and Barclays.

Distribuidora Internacional de Alimentación (DIA)



DIA is a Spanish multinational company specialising in the distribution of food, household and personal care products. It operates in Spain, Portugal, Argentina and Brazil with close to 7,400 stores. In 2017, its sales exceeded €10.3 bn. DIA is traded on the Madrid Stock Exchange.

In 2017 Letterone acquired an initial shareholding in DIA, becoming a minority investor. This has now increased to 69.76% of DIA’s total share capital. 


It operates in Spain, Portugal, Argentina and Brazil with close to 7,400 stores


In 2017, its sales exceeded 10.3 billion euros