The Boots Group today (August 28) announced that “it is now operating as a private standalone company following its acquisition” by the US private equity firm Sycamore Partners.
The company will “continue to be led by Ornella Barra as chief executive” with senior leaders including Boots managing director Anthony Hemmerdinger “continuing in their existing roles”, it said.
It will also continue to be “registered and headquartered in the UK”, it added.
Read more: IN FULL: Boots’ parent company sold in $24bn private equity deal
Both Boots and its US sister company Walgreens have been acquired by Sycamore as part of the sale of their American parent company WBA but will now operate as separate standalone companies.
“Sycamore is acquiring [both businesses] in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests” in the two companies, the health and beauty giant explained.
Boots will now comprise of “the former international businesses of 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”, it said.
“Accelerate” growth
“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,” it added.
Barra said that she is “excited about this new step under new ownership” and “honoured to be leading these businesses on the next stage” of the journey.
Sycamore managing director Stefan Kaluzny said that the firm is “excited” for Boots to “be free to invest and grow more aggressively into the future”.
Read more: WBA shareholders ‘overwhelmingly approve’ company sale
And Pessina said that Boots “enters this next chapter with strength and momentum”, adding that his family was “committed to investing in the Boots Group in order to accelerate its already very successful record of growth”.
It comes after WBA last month revealed that its shareholders had given their “overwhelming support” to its acquisition by Sycamore.
Read more: What does the future hold for Boots - and its pharmacists?
And the Pharmacists’ Defence Association (PDA) last month revealed that the pensions ombudsman is investigating a second “lead case” in the dispute over Boots employees’ pension scheme.
Meanwhile, Boots also this month announced the launch of 13 new at-home testing kits, allowing patients to test for a range of health conditions “without needing to see a GP” and with results available on the NHS App.
