Vandevelde’s Change Capital Buys Robert Dyas for $112 Million

Change Capital Partners LLP, a buyout firm founded by Marks & Spencer Group Plc Chairman Luc Vandevelde, agreed to buy home-improvement retailer Robert Dyas for 61 million pounds ($112 million), its first acquisition. Robert Dyas has 75 stores in southern England. It will have sales of about 90 million pounds in the 12 months ended March 31, according to a statement from London-based Change Capital. Change Capital will appoint Alan Smith, former head of supermarket chain Somerfield Plc, as chief executive, with the task of doubling the number of stores within five years.

Robert Dyas is Change Capital's first investment since the company established a 300 million-euro ($367 million) fund last year with money from France's Halley family, the largest shareholder in Carrefour SA, Europe's largest retailer. Robert Dyas is part of Change Capital's plan to buy companies that have "leading positions in higher growth industries and strong customer recognition,'' Vandevelde said in the statement.