Sycamore Completes Walgreens Acquisition, Names New CEO

Sycamore Partners has completed its acquisition of Walgreens Boots Alliance, and the drug store chain will now operate as a private, standalone company. 

Additionally, Mike Motz has been named chief executive officer of Walgreens, effective immediately. He replaces Tim Wentworth, who will continue to serve as an ongoing director. John Lederer, a former director of Walgreens Boots Alliance and a senior advisor to Sycamore, has been appointed executive chairman of Walgreens. 

Previously, Motz served as CEO of Staples US Retail, a Sycamore portfolio company. Prior to that, he was president of Shoppers Drug Mart in Canada. 

"Today represents an exciting new chapter and a turning point for Walgreens," Motz said. "As a private organization, alongside our dedicated team members, we are renewing our focus on our core pharmacy and retail platform, our stores and our customer experience, building on the progress that's been made." 

"We are pleased to have closed this momentous transaction with an outstanding brand that has been a cornerstone of American communities for nearly 125 years," said Stefan Kaluzny, managing director of Sycamore. "Walgreens benefits millions of Americans, and I am confident that, enhanced by the flexibility of operating as a private standalone organization, it can move with certainty, speed and focus to deliver meaningful value to its customers." 

Sycamore is acquiring Walgreens Boots in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in Walgreens.

Founded in 1901, Walgreens operates approximately 8,500 stores throughout the U.S. and Puerto Rico. The company has approximately 220,000 team members, including nearly 90,000 healthcare service providers.