Private equity firm buys DIY retailer Robert Dyas

Private equity firm Change Capital Partners said on Thursday it had agreed to buy British hardware and DIY retailer Robert Dyas for 61 million pounds ($114 million) and aimed to double its UK presence in five years.

Robert Dyas operates 75 high street stores in the south of England with sales of approximately 90 million pounds forecast for 2004.

Change Capital, founded by Marks and Spencer <MKS.L> Chairman Luc Vandevelde, widely regarded as the man who turned around Britain's biggest clothing retailer, said it believed Robert Dyas offered a strong, sustainable growth opportunity, through both organic sales growth and new store openings.

"Robert Dyas fits perfectly with Change Capital's strategy of targeting mid-sized companies with a leading position in higher growth industries and strong customer recognition," Vandervelde said in a statement.