Bidders circle Boots amid rumored US$10B offload

Sycamore Partners is reportedly considering selling UK pharmacy and beauty chain Boots for US$10 billion, one year after acquiring it. The move would replace the private equity firm’s previous plan to float Boots on the London Stock Exchange via an initial public offering (IPO). 

Sycamore originally took control of Boots in 2025 when it acquired the parent company, Walgreens Boots Alliance (WBA), in a US$23.7 billion takeover. After Sycamore broke WBA into five separate operating businesses, Boots now functions as a standalone asset that can be sold for a premium, and multiple bidders are lined up in agreement.

The Canadian arm of the Weston Family, which owns the Shoppers Drug Mart pharmacy chain, has shown interest. Operating through their holding company, Wittington Investments, the Weston Family acquired Shoppers Drug Mart for C$12.4 billion (US$8.90 billion) in 2013, and it now operates over 1,300 stores across Canada.

Buying Boots would award the Weston family an established retail footprint in the UK, marking its return to the island after selling Selfridges for £4 billion (US$5.35 billion) in 2022.

Australia’s Sigma Healthcare is also circling the bid. The pharmaceutical wholesaler and retailer has openly acknowledged its participation, telling the Financial Times that it has “engaged in preliminary discussions.” 

Sycamore Partners has not confirmed the sale discussions.

Booting the IPO? 

In April, reports emerged that Sycamore was working with consultants on a strategy to prepare Boots for a potential London listing, which was rumored to be completed as early as 2027. 

The sale plans could likely sideline the IPO, which, industry reporting notes, would have taken years, required extensive regulatory disclosure, and could have exposed Boots to stock market volatility. 

The rumor of placing Boots on the chopping block reflects Sycamore’s core operating model. The firm focuses on restructuring, improving operations, and monetizing assets for a fast return, rather than holding assets indefinitely. 

Although short on the heels of its 2025 acquisition, selling Boots to a private bidder offers Sycamore speed, confidentiality, and a guaranteed price tag — one that the UK beauty retailer’s financial performance backs. 

A potential sale could oust plans to launch Boots on the London Stock Exchange.Boots reported a 3.2% rise in revenue to £7.5 billion (US$10 billion) for fiscal 2025, alongside a pre-tax profit jump of 25% to £337 million (US$450.75 million). Last year, Boots added 61 brands to its offerings, including Fenty Beauty and MAC. The retailer says the modernized beauty division helped boost results. 

Beyond a bolstered beauty arm, the UK retailer also made internal leadership changes to strengthen its operability. Last month, Alex Baldock, CEO at Currys, was appointed as Boots’ new CEO. He is set to replace former CEO Ornella Barra, who is stepping down to become chair. 

Barra’s step-down replaces her partner Stefano Pessina, whose family still holds a 44% stake across all five of the WBA businesses. Any sale could affect this stake. 

Big money moves

The potential Boots sale comes as many beauty industry behemoths weigh their business options. In March this year, FMCG giant Unilever announced that it would divest its entire Food business to focus on its Home & Personal Care divisions instead.

“Having carefully evaluated the potential strategic options for its Foods business, the Unilever Board believes the transaction is in the best interests of Unilever’s shareholders. It will unlock value, enhance the Group’s structural growth profile and simplify the portfolio, enabling greater speed of execution, repeatability at a global level and enhanced returns on investment,” the company reasoned. 

International Flavors and Fragrances (IFF) followed suit, having announced earlier this month that it secured a US$4.3 billion deal to sell its Food Ingredients business, also to double down on scent and health. 

If Sycamore identifies faster value in selling Boots rather than slowly walking it to the public markets, the two potential bidders could be joining an industry-wide scramble for higher-growth businesses — and Boots emerges as a prize worth reaching for.