Walgreens Boots Alliance
Company History
Walgreens Boots Alliance History: Founding, Growth & Key Milestones
Founded 1901 in Chicago, Illinois, United States
When was Walgreens Boots Alliance founded?
Walgreens Boots Alliance was founded in 1901 in Chicago, Illinois, United States by Charles R. Walgreen Sr., making it 125 years old.
- Founded
- 1901
- Founding place
- Chicago, Illinois, United States
- Founders
- Charles R. Walgreen Sr.
- Headquarters today
- Deerfield, Illinois
- Milestones documented
- 11 (1901–2026)
- Current CEO
- Mike Motz
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1901 | First Walgreens Drugstore Opens |
| 2010 | Duane Reade Acquired |
| 2012 | Alliance Boots Stake |
| 2014 | Walgreens Boots Alliance Formed |
| 2015 | Stefano Pessina Becomes CEO |
| 2017 | Rite Aid Stores Deal |
| 2021 | VillageMD Majority Stake |
| 2023 | Tim Wentworth becomes CEO |
| 2024 | FY2024 Net Loss |
| 2025 | Sycamore Completes WBA Take-Private |
| 2026 | Store Closure Plan Scaled Back |
- Where was Walgreens Boots Alliance founded?
- Walgreens Boots Alliance was founded in Chicago, Illinois, United States in 1901.
- Who founded Walgreens Boots Alliance?
- Walgreens Boots Alliance was founded by Charles R. Walgreen Sr.
- When did Walgreens Boots Alliance start?
- Walgreens Boots Alliance was founded in 1901.
- How old is Walgreens Boots Alliance?
- Walgreens Boots Alliance is 125 years old as of 2026.
Founding Story
Charles R. Walgreen Sr., a pharmacist, bought the Chicago drugstore where he worked in 1901 at Cottage Grove and Bowen avenues on the South Side. He added stores across Chicago, produced some of his own drug products and made soda fountains a draw; a Walgreens employee, Ivar "Pop" Coulson, is credited with popularizing the malted milkshake in 1922. The chain listed on the Chicago Stock Exchange in 1927 and kept expanding nationally through the 20th century.
Founders
Charles R. Walgreen Sr.
Charles R. Walgreen Sr. bought the Chicago drugstore where he worked in 1901 and built it into a citywide, then national, chain. His stores emphasized clean, well-stocked layouts, house-made products and soda fountains, and the company listed on the Chicago Stock Exchange in 1927. He led Walgreens until shortly before his death in 1939. Charles R. Walgreen Sr. was born in 1873 in Knoxville. Education: Dixon High School.
Key Milestones
First Walgreens Drugstore Opens
Charles R. Walgreen Sr. buys his first drugstore in Chicago.
Source: en.wikipedia.orgDuane Reade Acquired
Walgreens bought the New York drugstore chain Duane Reade in 2010.
Source: en.wikipedia.orgAlliance Boots Stake
Walgreens bought 45 percent of Alliance Boots in 2012 for about $6.7 billion.
Source: en.wikipedia.orgWalgreens Boots Alliance Formed
Walgreens completes the Alliance Boots combination, creating the public WBA group.
Source: en.wikipedia.orgStefano Pessina Becomes CEO
Stefano Pessina became chief executive of Walgreens Boots Alliance in 2015.
Source: en.wikipedia.orgRite Aid Stores Deal
Walgreens agreed in September 2017 to buy 1,932 Rite Aid stores for about $4.4 billion after dropping a full takeover.
Source: en.wikipedia.orgTim Wentworth becomes CEO
Tim Wentworth became CEO of Walgreens Boots Alliance in 2023. Led the final public-company period; remained a director after the transaction.
Source: corporate.walgreens.comSycamore Completes WBA Take-Private
The deal closes August 28, 2025; Mike Motz becomes Walgreens CEO.
Source: sycamorepartners.comStore Closure Plan Scaled Back
Walgreens expects fewer than 100 U.S. closures in 2026 and lists about 8,000 locations.
Source: chaindrugreview.comMajor Acquisitions
Alliance Boots
2014Combine Walgreens with the European pharmacy, beauty and wholesale group Alliance Boots.
Rite Aid Stores
2017Buy 1,932 Rite Aid stores and related assets after the full Rite Aid merger failed to win antitrust approval.
VillageMD Investment
2021Take a majority stake in VillageMD to build primary-care clinics alongside stores.
Sycamore Partners Take-Private
2025Sycamore Partners acquired Walgreens Boots Alliance in a deal valued at about $10 billion in equity and up to $23.7 billion including debt and other obligations.
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Walgreens Boots Alliance Company History FAQ
When, where, and how was Walgreens originally established?
Walgreens was founded in 1901 in Chicago, Illinois, when pharmacist Charles R. Walgreen Sr. purchased the drugstore where he worked at the corner of Cottage Grove and Bowen Avenues on the city's South Side.
How did Walgreens popularize the malted milkshake in 1922?
In 1922, Walgreens soda fountain manager Ivar "Pop" Coulson added vanilla ice cream to traditional malted milk drinks, creating the modern malted milkshake, which drew massive crowds to Walgreens soda fountains across Chicago.
How did Walgreens survive and expand during Prohibition and the Great Depression?
During Prohibition (1920–1933), Walgreens held federal permits to dispense prescription medicinal alcohol, expanding from 20 to over 500 stores and listing on the Chicago Stock Exchange in 1927.
How did Walgreens pioneer self-service drugstores in the 1950s?
In the early 1950s under Charles R. Walgreen Jr., the chain replaced traditional clerk-assisted counter service with open-aisle self-service store layouts, dramatically lowering customer shopping friction and accelerating sales volume.
When did Walgreens complete its international merger with Alliance Boots?
In December 2014, Walgreens completed a two-step acquisition of Swiss-based international pharmacy conglomerate Alliance Boots for approximately $16 billion, forming Walgreens Boots Alliance (WBA) and listing on Nasdaq.
What was the landmark acquisition of 1,932 Rite Aid stores in 2017–2018?
After federal regulators blocked a full takeover of Rite Aid, Walgreens purchased 1,932 Rite Aid stores and three distribution centers for $4.38 billion, integrating them into its US store footprint.
What was the VillageMD primary care strategy and why did it falter?
WBA invested over $5.2 billion to acquire a 63% stake in primary care operator VillageMD to open attached clinics; however, rapid clinic expansion led to massive operating cash burns and a $5.8 billion impairment charge in FY2024.
When and why did Sycamore Partners take Walgreens Boots Alliance private?
On August 28, 2025, private equity firm Sycamore Partners completed a take-private transaction of Walgreens Boots Alliance, delisting WBA from Nasdaq following steep stock declines, high debt, and retail pharmacy reimbursement pressures.
How was the company restructured following the Sycamore take-private?
Sycamore separated WBA into independent standalone privately owned operating companies: Walgreens (US retail pharmacy), Boots (UK retail pharmacy), Shields Health Solutions, CareCentrix, and VillageMD.
Who became CEO of the private standalone Walgreens?
Retail veteran Mike Motz (former CEO of Staples U.S. Retail and Loblaw executive) was appointed CEO of private Walgreens in late 2025, succeeding public-company CEO Tim Wentworth.
How many store locations does Walgreens operate in the United States?
Following footprint rationalization, Walgreens operates approximately 8,000 neighborhood drugstore locations across all 50 US states, the District of Columbia, Puerto Rico, and the US Virgin Islands.
What percentage of Americans live near a Walgreens store?
Approximately 78% of the United States population lives within five miles of a Walgreens pharmacy, representing one of the most accessible healthcare and retail networks in the country.
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