STOUGHTON, Mass.–(BUSINESS WIRE)–Shields Health Solutions (“Shields” or the “Company”), the premier specialty pharmacy accelerator in the country, announced today that it is now operating as a private standalone company following its acquisition by Sycamore Partners (“Sycamore”), a leading private equity firm based in New York.
Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in Shields, demonstrating their ongoing support and confidence in the Company’s future.
Shields will continue to be led by its current Chief Executive Officer Michael Ham and the rest of its existing management team. Stephen West, who previously worked at Shields for seven years, including as CEO, will return to the Company as Executive Chairman.
Today’s announcement coincides with Sycamore’s acquisition of Walgreens Boots Alliance, Inc. (“WBA”), Shields’ previous owner, which closed on August 28, 2025. The separation of Shields into a private standalone company is a return to its ownership structure from its founding in 2012 until WBA’s acquisition of the business in 2022.
As a private standalone company, Shields will continue to execute on its successful health system-focused specialty pharmacy strategy, as the Company meets the accelerating demand for expertise in treating patients with complex, chronic conditions through its patient-focused care model. Over the last three years, Shields has expanded its network to 80 health system partners nationwide, representing more than 7 million patients across more than 30 integrated disease states.
Michael Ham, Shields’ Chief Executive Officer, said, “Our team at Shields has been proud to deliver exceptional clinical, financial and operational outcomes for our health system partners and their patients served through our differentiated care model. With Sycamore’s extensive strategy expertise and conviction in the Shields business and team, we are well positioned to accelerate the delivery of our specialty care model to millions more patients, faster than ever before.”
“We have been impressed with Shields’ dedication to patient care and its positive impact on its health system partners and specialty patients. As a standalone company, we believe Michael and the Shields team will be able to serve their health system partners and patients even more effectively,” said Stefan Kaluzny, Managing Director of Sycamore. “We look forward to supporting Shields as it continues its impressive growth trajectory.”
Stefano Pessina said, “Our family has deep appreciation for the Shields team, the impact they have on patients, and the remarkable growth they have achieved under Walgreens. We have strong conviction in Shields’ continued success and are proud to support the Company in its next chapter.”
Financing for the acquisition includes privately-placed debt provided by investment funds and accounts managed by HPS Investment Partners, Goldman Sachs Alternatives, and J.P. Morgan, and preferred stock provided by Evernorth Health Services, a subsidiary of The Cigna Group.
About Shields Health Solutions
Shields Health Solutions (Shields) is the premier specialty pharmacy accelerator in the country. The Shields Performance Platform, an integrated set of solutions, services and technology, is intentionally designed to elevate payer and drug access for specialty pharmacies, elevate health outcomes for complex patients, and elevate growth throughout the entire health system. As the foremost experts in the health system specialty pharmacy industry, Shields has a proven track record of success including access to over 80 percent of all limited distribution drugs (LDDs) and most (health insurance) payers in the nation; and a clinical model proven to lower total cost of care by 13%. In partnership with nearly 80 health systems across the country through national-scale collaboration, Shields has a vested interest in delivering measurable clinical and financial results for health systems. For more, follow us on social media, @ShieldsRX, LinkedIn, Facebook, and YouTube. Shields Health Solutions employs more than 3,000 people across the country.
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $11 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners’ investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.
Contacts
Shields Contacts
Shields Health Solutions
Crystal Chuckel, Chief Corporate Affairs Officer
[email protected]
Ruth Pachman or Daniel Hoadley
Kekst CNC
[email protected] / [email protected]
Sycamore Contacts
Michael Freitag, Zach Genirs, Abigail South
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
[email protected]
