The Boots Group, the health and beauty retailer and pharmaceutical wholesaler, is now operating as a private standalone company following its acquisition by Sycamore Partners, a private equity firm based in New York.
This announcement coincides with Sycamore’s acquisition of Walgreens Boots Alliance (WBA), The Boots Group’s previous owner.
Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in The Boots Group.
The Boots Group will continue to be led by Ornella Barra as CEO and will be registered and headquartered in the UK, with senior leaders continuing in their existing roles.
The company will comprise the former international businesses of Walgreens Boots Alliance (WBA), including: Boots UK&I, Boots Opticians, No7 Beauty Company, Boots retail pharmacies in Thailand and international franchise retail operations, together with Farmacias Benavides in Mexico, Alliance Healthcare Germany, and existing retail investments in China.
Part of The Boots Group, Boots is an authority in beauty, wellness and healthcare headquartered in Nottingham with 176 years of history in its space. Boots will continue to be led by its experienced management team with Anthony Hemmerdinger serving as SVP and managing director of Boots UK & Ireland.
Ornella Barra, CEO of The Boots Group, said: “I am hugely proud of the business that we have created and excited about this new step under new ownership. I would like to thank our colleagues across the world that have built this incredible company, and I am honoured to be leading these businesses on the next stage of our journey.
“Sycamore’s retail experience and our strong foundation position The Boots Group to deliver against our strategy of being a leader in our markets and the communities we serve.”
Stefan Kaluzny, managing director of Sycamore, said: “The Boots Group is a remarkable institution with deep roots in its communities around the world. We are excited that, as a healthy, successful standalone company with 17 consecutive quarters of like-for-like growth, The Boots Group will now be free to invest and grow more aggressively into the future.”
Stefano Pessina said: “The Boots Group enters this next chapter with strength and momentum. Our family has supported the Company over many years, and we are proud to do so now in partnership with Sycamore. As an investor group, we are committed to investing in The Boots Group in order to accelerate its already very successful record of growth.”
