Private equity firm Sycamore Partners, which acquired control of the British pharmacy and beauty chain Boots last year, is reportedly exploring a sale of the business valued at around $10 billion. The discussions are ongoing with potential strategic buyers, including the billionaire Weston family and Australian pharmacy group Sigma Healthcare Ltd., according to the Financial Times.
Sycamore took over Boots through its acquisition of Walgreens Boots Alliance Inc. in 2022 and had been considering an initial public offering (IPO) in London. However, recent reports suggest that a sale could now be the focus, potentially leading Sycamore to abandon its IPO plans. The FT noted that talks began before Easter, but neither Boots nor Sycamore has commented publicly.
If a deal is finalized, it would rank among the largest UK retail transactions since 2021, when Clayton, Dubilier & Rice bought Morrisons for £7 billion ($9.4 billion), and Issa brothers and TDR Capital acquired Asda for £6.8 billion.
The potential buyers include the Wittington Investments arm of the Weston family, which owns Loblaws and Shoppers Drug Mart in Canada, and Sigma Healthcare, which recently merged with Chemist Warehouse Group.
Boots recently appointed Alex Baldock, former CEO of Currys Plc, as its new chief executive. The company’s previous CEO, Ornella Barra, stepped down earlier this year after nearly a decade at the helm, becoming chair of the board. Stefano Pessina, a major shareholder, remains on the board.
Boots’ latest financials show nearly 6% growth in UK retail sales last year, driven largely by beauty products, with over 50 new beauty brands launched. Pharmacy sales also increased by 5%, with vaccinations and weight-loss treatments among the top services offered.
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Scarlett Hayes analyzes fashion business trends, brand strategy, and global retail insights shaping the industry’s future.
