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Advent circles Matalan

Advent International, the private equity fund, is set to launch a £1.5bn bid for Matalan, the discount retailer.

Advent is understood to set to launch its offer this week, after Matalan founder and owner John Hargreaves put the company up for sale last month.

The deal will be spearheaded by Richard Baker, formerly the boss of health and beauty retailer Boots, who joined Advent as an operating partner within the last few months.

Advent, which has investments in discount fashion retailers including German discount chain Takko as well as stakes in UK discount retailer Poundland and French discount retailer Stokomani, is understood to be a frontrunner in the bidding for the retailer.

The sale of Matalan will attract a number of heavyweight private-equity vehicles including TPG, Blackstone and CVC.  

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