Former Tesco CEO Terry Leahy will take up the post of chairman at B&M Retail after private equity firm Clayton, Dubilier & Rice acquired a majority stake in UK discount retailer.
B&M, owned by the Arora family, will continue to be managed by its existing management team. The deal will however see CD&R adviser Leahy become chairman of the company.
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Financial terms of the deal were not disclosed.
B&M operates around 300 stores in the north of England, Scotland, Northern Ireland and Wales, and has sales in excess of GBP1bn, CD&R said.
“B&M is a fantastic retail format in the growing discount sector,” said David Novak, a partner at CD&R. “We are pleased to have the opportunity to partner with the management 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.”
Clayton Dubilier & Rice was, in October, reported to be leading a bid for the salty snacks business of United Biscuits.
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