M&A Deal Summary

Sycamore Partners Acquires Shields Health Solutions

On September 2, 2025, private equity firm Sycamore Partners acquired healthcare services company Shields Health Solutions from Welsh Carson Anderson & Stowe and Walgreens Boots Alliance

Acquisition Highlights
  • This is Sycamore Partners’ 2nd transaction in the Healthcare Services sector.
  • This is Sycamore Partners’ 25th transaction in the United States.
  • This is Sycamore Partners’ 3rd transaction in Massachusetts.

M&A Deal Summary

Date 2025-09-02
Target Shields Health Solutions
Sector Healthcare Services
Buyer(s) Sycamore Partners
Sellers(s) Welsh Carson Anderson & Stowe
Walgreens Boots Alliance
Deal Type Secondary Buyout

Target

Shields Health Solutions

Stoughton, Massachusetts, United States
Shields Health Solutions is a specialty pharmacy integrator and care provider, partnering with hospital leaders on every aspect of specialty pharmacy creation, growth and management. Shields provides the fastest, lowest risk model for health systems to create or grow a hospital-owned specialty pharmacy program. Shields Health Solutions was founded in 2012 and is based in Stoughton, Massachusetts.

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Buyer(S) 1

Buyer

Sycamore Partners

New York, New York, United States

Category Private Equity Firm
Founded 2011
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Sycamore Partners is an opportunistic and operationally focused private equity firm that targets businesses and divisions in the consumer and retail sectors. The Firm looks to partner with management teams to improve the operating profitability and strategic value of their businesses. Sycamore was formed in 2011 and is based in New York City.


DEAL STATS #
Overall 29 of 29
Sector: Healthcare Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 6 of 6
State: Massachusetts M&A 3 of 3
Country: United States M&A 25 of 25
Year: 2025 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-28 CareCentrix

Hartford, Connecticut, United States

CareCentrix provides specialty benefit management services to health plans, improving quality and reducing costs in several areas of home-based healthcare such as home nursing, home medical equipment, home drug infusion, sleep diagnostic tests and hospital readmissions. CareCentrix was founded in 1996 and is based in Hartford, Connecticut.

Buy -

Seller(S) 2

SELLER

Welsh Carson Anderson & Stowe

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1979
PE ASSETS 31.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


DEAL STATS #
Overall 76 of 76
Sector: Healthcare Services M&A 26 of 26
Type: Secondary Buyout M&A Deals 16 of 16
State: Massachusetts M&A 1 of 1
Country: United States M&A 73 of 73
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-08 AIA Contract Documents

Washington, District of Columbia, United States

AIA Contract Documents is a provider of customizable legal contracts. AIA Contract Documents has been the gold standard of legal documents and a thought leader within the construction industry for over 130 years. AIA Contract Documents was founded in 1888 and is based in Washington, District of Columbia.

Buy -
SELLER

Walgreens Boots Alliance

Deerfield, Illinois, United States

Category Company
Founded 1909
Sector Retail
Employees206,000
Revenue 139.1B USD (2023)
DESCRIPTION
Entrance to Walgreen's corporate headquarters in Deerfield, Illinois.
Entrance to Walgreen's corporate headquarters in Deerfield, Illinois.

Walgreens Boots Alliance is a multichannel retailer of consumer goods and services focused on health and wellness services and advice. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with online and mobile services. Walgreens Boots Alliance was founded in 1909 and is based in Deerfield, Illinois.


DEAL STATS #
Overall 3 of 3
Sector: Healthcare Services M&A 3 of 3
Type: Secondary Buyout M&A Deals 2 of 2
State: Massachusetts M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-28 CareCentrix

Hartford, Connecticut, United States

CareCentrix provides specialty benefit management services to health plans, improving quality and reducing costs in several areas of home-based healthcare such as home nursing, home medical equipment, home drug infusion, sleep diagnostic tests and hospital readmissions. CareCentrix was founded in 1996 and is based in Hartford, Connecticut.

Sell -