Bain Capital and CVC reportedly join forces for Boots buyout
Bain Capital and CVC Capital Partners have joined forces for a buyout bid for the chemist retail chain Boots, according to a Sky News report.
The bid was announced after Boots' US-listed parent company Walgreens Boots Alliance (WBA) posted strong results last week, including a positive outlook for the UK and international operations of the retail giant.
Boots UK comparable retail sales increased 16.3% in 2021, compared to the same period the previous year.
Boots operates 2,200 stores including pharmacies and large health and beauty stores, and employs over 50,000 people.
According to Sky News sources, Bain and CVC were especially interested in the retailer's digital, beauty and healthcare services offerings, which it has been heavily investing in.
The Bain and CVC joint offer also involves Dominic Murphy, a CVC managing partner who in his previous position at private equity firm KKR worked on the £11bn takeover of Alliance Boots and also remains a director of WBA.