Blazing Star Parent LLC (Offeror) to Acquire Walgreens Boots Alliance, Inc.

Sycamore Partners Completes Acquisition of Walgreens Boots Alliance, Splitting Into Standalone Businesses

August 28, 2025

Healthcare Services

Sycamore Partners has completed its acquisition of Walgreens Boots Alliance (WBA), taking the company private and ending the listing of WBA common stock on Nasdaq. The transaction results in Walgreens, The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD operating as separate standalone companies under private ownership.

Walgreens Boots Alliance Acquires Remaining Stake in Shields Health Solutions

September 20, 2022

Healthcare Services

Walgreens Boots Alliance entered into a definitive agreement to acquire the remaining ~30% stake in Shields Health Solutions for approximately $1.37 billion, completing WBA's move to full ownership of the specialty pharmacy integrator. Shields, a health system–focused specialty pharmacy accelerator headquartered in Stoughton, Massachusetts, has rapidly grown revenue and partnerships and will continue operating as a distinct business within Walgreens under new leadership.

Walgreens Boots Alliance Acquires Majority Stake in CareCentrix

October 14, 2021

Healthcare Services

Walgreens Boots Alliance (WBA) has acquired a majority interest in CareCentrix, investing approximately $330 million for a 55% stake at an $800 million valuation, giving WBA majority ownership. The transaction (now completed) integrates CareCentrix's home-centered care coordination capabilities into WBA's newly launched Walgreens Health segment while CareCentrix continues to operate under its existing leadership.

Merz Lifecare Acquires Majority Stake in WindStar Medical from Oakley Capital

October 7, 2024

Consumer Products

Oakley Capital Fund IV has agreed to combine its portfolio company WindStar Medical with Merz Lifecare, with the Merz Group taking a majority stake in the new holding. The transaction — subject to regulatory approvals — will create a leading provider of OTC health, wellbeing and beauty products in the DACH region and continues Oakley’s support of WindStar following its 2020 investment.

VillageMD to Acquire Summit Health-CityMD for ~$8.9B

November 7, 2022

Healthcare Services

VillageMD entered a definitive agreement to acquire Summit Health-CityMD, a provider of primary, specialty, and urgent care, in a transaction valued at approximately $8.9 billion. Walgreens Boots Alliance will invest $3.5 billion and will remain the largest shareholder, while Evernorth (an affiliate of Cigna) will take a minority ownership position in the combined company. The deal is expected to close in the first quarter of 2023.

Incline Equity Partners Acquires Starwest Botanicals

June 3, 2021

Food & Beverage

Pittsburgh-based private equity firm Incline Equity Partners acquired Starwest Botanicals, a Sacramento-based value-added distributor and processor of organic botanicals, herbs and spices. Incline plans to accelerate growth through investments in marketing, channel management, infrastructure, technology and add-on acquisitions; transaction terms were not disclosed.