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B&M set for international expansion following £900m deal

Published: 4 December 2012
US private equity firm Clayton Dubilier & Rice (CD&R) have acquired a "significant stake" in discount retailer B&M in a deal rumoured to have valued the retailer at more than £900m.
B&M set for international expansion following £900m deal
Former Tesco chief executive Sir Terry Leahy, a senior advisor at CD&R, has been appointed chairman - he will join the retailer's existing management team, who are remaining in place. Former Unilever president for food, home and personal care Vindi Banga will joined the board, as will CD&R's Marco Herbst and David Novak.
CD&R are reportedly planning international expansion for the business, which made profits to the tune of £38m last year.

Since its 2005 acquisition by Cheshire brothers Simon, Robin and Bobby Arora, B&M has transformed from a loss-making 21-store chain with sales of £65m to a £1bn business with more than 300 outlets with more than two million customers every week.

CD&R partner David Novak described B&M as "a fantastic retail format in the growing discount sector" and added: "We are pleased to have the opportunity to partner with themanagement team to accelerate the growth of the business by widening its market presence outside of the UK, and continue to build the B&M brand.

"We believe the value-based general merchandise retail model could have significant appeal in overseas markets."

The Arora brothers made a joint statement: "We are delighted to have the opportunity to partner with CD&R. 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. CD&R has very relevant retail sector experience and a strong track record of working in partnership with management teams to successfully grow businesses across different territories."

CD&R chairman and ceo Don Gogel said: "The Aroras are exceptional entrepreneurs who have done a great job building a business that is trusted and supported by loyal customers. B&M has excellent opportunities for growth and we look forward to working with them to help the Company realize its prospects."


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