Sycamore Partners has completed its acquisition of Walgreens Boots Alliance (WBA), executed in partnership with WBA executive chairman Stefano Pessina and his family, who have reinvested 100% of their interests in WBA.
Pessina is a major WBA shareholder. With the closing of the transaction, WBA operating entities Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD will become separate standalone companies.
Sycamore has appointed Mike Motz Walgreens CEO. Motz was CEO of Staples U.S. Retail, a Sycamore portfolio company, and, prior to that, he served as president of the Shoppers Drug Mart pharmacy chain in Canada.
In announcing the acquisition finale, Stefan Kaluzny, Sycamore managing director, said, “Walgreens Boots Alliance, Inc., its companies and its dedicated team members play an essential role in the communities they serve around the world. We look forward to partnering with the management teams at each company, including Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD. As standalone companies under private ownership, they will build on their proud legacies to enhance the customer experience and deepen the trusted relationships they have earned with millions of customers around the world.”
Pessina added, “This milestone begins a new chapter for Walgreens, The Boots Group and the other portfolio businesses. Our family has proudly supported these companies for decades, and we are pleased to continue that commitment alongside Sycamore. Together, we are united in our belief in the future of these organizations and the essential role they play in millions of lives each day.”
