Walgreens Embarks on New Era as Private Standalone Company Following Acquisition by Sycamore Partners
Walgreen Co. (“Walgreens” or “the Company”), one of America’s most iconic retail pharmacy chains and a cornerstone of healthcare access for millions of Americans, announced today that it has officially transitioned into a private, standalone company. The transformation follows the successful acquisition of the business by Sycamore Partners, a New York–based private equity firm known for its expertise in retail and consumer investments.
This landmark transaction marks a turning point for Walgreens, enabling the century-old company to refocus its strategic priorities, embrace operational flexibility, and embark on a new chapter of growth under private ownership.
A Partnership Rooted in Long-Term Commitment
Sycamore Partners is executing the acquisition in partnership with longtime Walgreens investor Stefano Pessina and his family, who have reinvested 100% of their ownership stake back into the newly formed private entity. This reinvestment underscores Pessina’s continued belief in mission, brand strength, and long-term potential in a rapidly evolving healthcare and retail environment.
Pessina, who has been deeply involved in shaping the company over the years through Boots Alliance (WBA), emphasized that his family’s reinvestment reflects both loyalty to the business and a desire to strengthen its role as a community-first healthcare provider.
“Walgreens is an incredible brand, with loyal customers around the country,” Pessina said. “I believe strongly in the business and its significant impact on the communities it serves. My family and I are pleased to support its continued evolution as we embark on this next chapter. I want to thank the leadership team for stabilizing the business and providing a strong foundation upon which we will build to reach new heights. has a very bright future in partnership with Sycamore.”
New Leadership for a New Era
In conjunction with the acquisition, announced a significant leadership change designed to bring renewed energy and retail focus to the company. Mike Motz has been appointed Chief Executive Officer, effective immediately.
Motz brings a distinguished track record of leadership in both retail and pharmacy. He most recently served as CEO of Staples US Retail, another Sycamore portfolio company, where he spearheaded a multi-year turnaround and strategic repositioning. Prior to that role, Motz served as President of Shoppers Drug Mart, Canada’s leading pharmacy chain, where he played a pivotal role in strengthening customer loyalty and enhancing operational performance.
Known for his customer-first mindset, deep operational discipline, and ability to navigate complex retail landscapes, Motz is expected to play a critical role in reestablishing Walgreens’ reputation as both a trusted healthcare provider and a retail leader.
“I am honored to join Walgreens at such a pivotal moment in its history,” 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. Today represents an exciting new chapter and a turning point for Walgreens.”
Motz succeeds Tim Wentworth, who had served as CEO of Walgreens Boots Alliance. Wentworth will continue to contribute to the company as a member of its Board of Directors, ensuring continuity during this period of transformation.
In addition to Motz’s appointment, John Lederer, a former director of Walgreens Boots Alliance and current Senior Advisor to Sycamore Partners, has been named Executive Chairman of. Lederer is a seasoned executive with decades of experience in retail and consumer goods, and his leadership is expected to provide strategic guidance as Walgreens adapts to a private ownership structure.
Sycamore’s Perspective: Flexibility and Focus
For Sycamore Partners, the Walgreens acquisition represents a rare opportunity to revitalize one of America’s most enduring retail and healthcare brands. With a heritage spanning nearly 125 years, Walgreens has played a vital role in ensuring pharmacy access, providing retail convenience, and serving as a trusted presence in communities across the country.
Stefan Kaluzny, Managing Director of Sycamore Partners, described the acquisition as a transformational moment for both parties.
“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,” Kaluzny said. “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.”
Operating as a private company gives Walgreens greater freedom to make bold strategic decisions without the immediate pressures of public markets. This flexibility is expected to help Walgreens accelerate operational improvements, invest in customer experience, and pursue growth opportunities in both pharmacy services and retail innovation.
The Closing of Walgreens Boots Alliance Acquisition
The announcement also coincides with the completion of Sycamore’s broader acquisition of Walgreens Boots Alliance, Inc. (WBA), the multinational pharmacy-led health and wellbeing enterprise. By closing this transaction, Sycamore has effectively created a streamlined structure that allows Walgreens’ U.S. operations to stand alone as a dedicated, privately owned company.
This separation is intended to simplify governance, sharpen strategic priorities, and provide Walgreens with greater autonomy to focus on its core mission: delivering accessible healthcare and retail solutions for millions of Americans every day.
Renewed Focus on Community, Pharmacy, and Retail
Under its new structure, Walgreens plans to double down on what has always been its greatest strength—its deep ties to local communities. With nearly 9,000 stores across the United States, Walgreens is uniquely positioned to serve as a first point of care for patients and a trusted retail destination for everyday needs.
The company has already begun implementing initiatives aimed at strengthening its in-store experience, streamlining operations, and ensuring that its retail offerings align with evolving consumer preferences. In parallel, Walgreens intends to expand its pharmacy services, reinforce its role in preventive healthcare, and continue innovating in areas such as digital health and prescription fulfillment.
The new leadership team, working closely with Sycamore, has signaled that operational excellence, employee engagement, and customer satisfaction will form the foundation of Walgreens’ growth strategy.
A Legacy Brand with a New Future
For over a century, Walgreens has played a vital role in American life—supporting patients, serving families, and adapting to shifting trends in both retail and healthcare. The decision to transition into private ownership represents both a continuation of this legacy and a bold step into the future.
With the backing of Sycamore Partners, the ongoing support of the Pessina family, and a leadership team deeply experienced in retail and healthcare, Walgreens is positioned to reestablish itself as an industry leader while navigating the challenges of today’s competitive landscape.
As Motz, Lederer, and the rest of the leadership team take the reins, Walgreens’ journey as a private standalone company begins with a clear mission: to restore its reputation as a trusted partner in health and wellness while delivering exceptional value to customers across America.
The acquisition of Walgreens by Sycamore Partners signals a defining moment for the company and the communities it serves. Moving forward, Walgreens will leverage its private ownership model to pursue growth with agility, strengthen its pharmacy and retail operations, and renew its focus on delivering a best-in-class customer experience.
Backed by Sycamore’s retail expertise, Stefano Pessina’s continued investment, and a revitalized leadership team led by Mike Motz, Walgreens enters this new chapter with a blend of heritage and forward-looking ambition.
For a company that has stood the test of time for nearly 125 years, the next chapter is one of reinvention—rooted in its community presence but energized by new opportunities under private ownership.
