Sycamore Partners explores USD 10B sale of Boots pharmacy and beauty chain 

UK – Sycamore Partners is in advanced talks to sell UK health-and-beauty retailer Boots for approximately USD 10 billion, completely abandoning its earlier plan to list Boots on the London Stock Exchange via an IPO. 

This move marks a rapid monetization just one year after Sycamore acquired Boots’ parent company in a USD 23.7 billion takeover. 

The private equity firm originally worked with consultants to prepare Boots for a potential London listing as early as 2027, but the trade sale offers significant advantages over going public: speed since an IPO would have taken years with extensive regulatory disclosure, confidentiality by avoiding public market scrutiny, certainty through a guaranteed price tag versus stock market volatility, and alignment with Sycamore’s core model of restructuring and fast monetization rather than indefinite asset holding. 

Two major pharmacy players have entered the bidding process: Canada’s Weston Family via Wittington Investments, which owns Shoppers Drug Mart with 1,300+ Canadian stores and previously sold Selfridges for £4 billion (USD 5.36 billion) in 2022, and Australia’s Sigma Healthcare, a pharmaceutical wholesaler and retailer that openly acknowledged participation by confirming it is “engaged in preliminary discussions in relation to the sale process” to the Financial Times. 

Boots’ strong 2025 financial performance justifies the premium $10 billion valuation, with revenue reaching £7.5 billion (up 3.2%), pre-tax profit hitting £337 million (up 25%), and the addition of 61 new brands, including Fenty Beauty and MAC that modernized the beauty division and boosted results. 

Recent leadership changes also strengthen Boots’ operability for buyers, with new CEO Alex Baldock (formerly CEO at Currys) appointed last month while outgoing CEO Ornella Barra steps down to become chair, replacing partner Stefano Pessina, whose family still holds a 44% stake across all five WBA businesses. 

Sycamore took control of Boots in 2025 through its acquisition of Walgreens Boots Alliance, then split WBA into five operating businesses, positioning Boots as a standalone asset that could be sold at a premium, though the firm has not officially confirmed any discussions of a sale. 

Talks commenced earlier this year and remain in the early stages, with no firm decision reached. Sigma Healthcare has confirmed its involvement, while Sycamore maintains silence. 

The potential sale reflects broader industry-wide portfolio reshuffling, with Unilever divesting its entire Food business in March 2026 to focus on Home & Personal Care and International Flavours & Fragrances, selling its Food Ingredients business for USD 4.3 billion in June 2026 to double down on scent and health segments. 

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