The Boots Group (the “Company”), a leading health and beauty retailer and pharmaceutical wholesaler, announced today that it is now operating as a private standalone company following its acquisition by Sycamore Partners (“Sycamore”), a leading private equity firm based in New York.
Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in The Boots Group, demonstrating their ongoing support and confidence in the Company’s future.
The Boots Group will continue to be led by Ornella Barra as Chief Executive Officer 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, Inc. (“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.
This announcement coincides with Sycamore’s acquisition of WBA, The Boots Group’s previous owner, which closed today.
As a private standalone company, The Boots Group will remain well positioned for the future, continue to deliver the very best in retail and healthcare, and execute against its successful transformation strategy to drive long-term growth.
Part of The Boots Group, Boots is the undisputed authority in beauty, wellness and healthcare in the UK – with 176 years of history as a leader in its space and having successfully executed a significant transformation over recent years. 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, Chief Executive Officer 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.”
About The Boots Group
The Boots Group includes pharmacy-led health and beauty retail businesses globally, along with a pharmaceutical wholesale operation in Germany. Through trusted brands, including Boots, No7 Beauty Company and Farmacias Benavides, the company focuses on helping people look and feel their best by delivering convenient high-quality healthcare and retail services. The Boots Group’s pharmaceutical wholesale business in Germany operates under the Alliance Healthcare Deutschland and GEHE brands, and supports over 11,000 pharmacies nationwide through modern logistics and digital healthcare services.
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $11 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners' investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.