Private equity firm Sycamore Partners completed its acquisition of Walgreens Boots Alliance Thursday and has spun off Hartford-based CareCentrix, a home healthcare coordination company, as a standalone business.
CareCentrix now operates as an independent company and will return to its ownership structure prior to Walgreens’ acquisition in 2022, the company said.
Sycamore has acquired Walgreens in partnership with Stefano Pessina and his family — who were previous stakeholders in CareCentrix.
With CareCentrix’s return to private ownership, Pessina and his family have reinvested their entire interest in the company. The family’s continued involvement signals confidence in CareCentrix’s business model and growth prospects, the company said.
“Our family has deep appreciation for CareCentrix and the impact they have on patients,” Pessina said. “We are proud to support CareCentrix in its mission to empower health at home.”
The company will maintain its current leadership structure, with Steve Horowitz continuing as CEO alongside the existing management team. Horowitz said he is optimistic about the transition, emphasizing the company’s commitment to home-based healthcare delivery.
“This is an exciting moment for CareCentrix and our team,” Horowitz said. “Together with Sycamore, we remain committed to advancing our mission to deliver high quality whole-person care, drive better outcomes, and create a world where anyone can heal, age, and thrive at home.”
CareCentrix, which has been headquartered in downtown Hartford at 20 Church St., serves over 16 million members through a network of more than 6,000 provider locations across the United States. The nearly 30-year-old company focuses on coordinating complex home care services for health plans, helping to reduce hospital readmissions and emergency department visits while managing costs.
New York-based Sycamore Partners specializes in consumer, distribution and retail investments, with about $11 billion in committed capital since its 2011 founding.
