The Boots Group announced on Thursday that it is now operating as a private, standalone company following its acquisition by Sycamore Partners, a New York-based private equity firm.
Sycamore completed the acquisition of Walgreens Boots Alliance (WBA) for around $10 billion.
Following the transaction, Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD will operate as separate standalone companies.
Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100 percent of their interests in WBA.
The Boots Group will continue to be led by Ornella Barra as chief executive officer and will be registered and headquartered in the UK.
The company will comprise the former international businesses of Walgreens Boots Alliance.
This will include 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.
Sycamore managing director Stefan Kaluzny said: “The Boots Group will now be free to invest and grow more aggressively into the future.”
Pessina said, “Our family has supported the company over many years, and we are proud to do so now in partnership with Sycamore."
Sycamore said he was looking forward to partnering with each of the new standalone companies.
"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," he added.
