Sycamore Partners is exploring a potential London stock market listing for Boots as early as 2027, according to an exclusive report by Reuters.

The US private equity firm has held preliminary talks with advisers in recent weeks about the possibility of an initial public offering, with consultants also brought in to assess growth opportunities across beauty and wellness.

Four sources familiar with the matter told Reuters that discussions remain at an early stage, and no final decision has been taken. A trade sale has not been ruled out either, with one source noting that there is private equity interest in the business.

Sycamore acquired Boots as part of its take-private of Walgreens Boots Alliance last year in a deal valued at approximately $10bn. Boots has since been carved out as a standalone entity. Italian billionaire Stefano Pessina and his family have reinvested in the business alongside Sycamore. 

This is not Sycamore’s first attempt to exit the asset. The firm explored a sale of Boots in 2022, but shelved the process amid broader market volatility. At the time, the business was valued at between £6bn and £8bn, equivalent to approximately $8.1bn to $10.8bn at today’s exchange rates.

Boots operates more than 1,800 stores across the UK, providing pharmacy services, NHS-funded dispensing, and a portfolio of health and beauty brands including No7 and Soap & Glory. NHS pharmacy services form a core component of its earnings base.

Both Sycamore and Boots declined to comment.

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