Jan 11, 2022
Buyout groups Bain and CVC team up for potential Boots bid
Private equity groups Bain Capital and CVC Capital Partners have teamed up to work on a planned bid for Boots after its US owner hired advisers last month to explore options for the UK high street chemist chain, including a sale. Bain and CVC believe Boots could be run more profitably as a standalone company than as an outpost of Chicago-based Walgreens Boots Alliance and that it could grow by expanding its digital operations, the people said. Walgreens lined up Goldman Sachs last year to look at splitting off Boots and either selling it or listing it as a standalone company. The US private equity group KKR took Boots private in 2007, alongside Italian pharmacy magnate Stefano Pessina, in what was then the UK's largest leveraged buyout. Dominic Murphy, one of the key figures behind KKR's takeover of Boots, is now a managing partner at CVC. Walgreens bought a 45 per cent stake in Boots in 2012 and took control of the chemist chain in 2014, with Pessina as chief executive.
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