Equity house takes stake in discount retailer
A US equity firm has taken a majority stake in Liverpool-based retailer B&M Bargains.
US private equity firm Clayton Dubilier & Rice (CD&R) has made a major acquisition in the UK by taking a major stake in discount retail firm B&M Bargains, which is based in Liverpool.
The deal - believed to be worth over £900 million - will see former Tesco chief executive Sir Terry Leahy serving as chairman of B&M, while the firm will still be run by the Cheshire based brothers Simon, Bobby and Robin Arora, the current owners.
CD&R succeeded in business negotiations amid competition from other would-be buyers, according to the Business Desk, which said these reportedly include Blackstone, BC Partners, Bain Capital, and KKR, which owns Cheshire-based Pets at Home.
The Arora brothers said: "We are proud of the success we have had with B&M since acquiring it in 2005, but recognise that we need a partner to bring the expertise to ensure the business fulfils its overseas potential."
It is not the only recent acquisition made by CD&R, with the purchase of high pressure laminates manufacturer Wilsonart International Holding confirmed on October 31st.