The Weston family, known for their prominent pharmacy and grocery chains in Canada, is expanding their empire by acquiring the U.K. drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday that they will be purchasing Boots for $8.9 billion US (approximately $12.7 billion Cdn), including debt, from private equity firm Sycamore Partners.
In addition to acquiring Boots’s retail operations in the U.K. and Ireland, Wittington will also gain control over its operations in Thailand, franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will be partnering with Wittington for the acquisition. Once the deal closes, expected in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman, with Wittington taking operational control.
In a news release, Weston expressed his admiration for Boots, highlighting its longstanding presence and significant role in the U.K. and Ireland. He emphasized the potential for improvement through stable ownership, increased capital investment, and enhanced operational focus to better serve customers for years to come.
Boots, a well-known retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy giant associated with the Westons. The Westons are recognized in Canada for establishing Loblaw Companies Ltd., George Weston Ltd., and owning luxury department store Holt Renfrew. They also hold a stake in Associated British Foods, the parent company of value retailer Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The potential return of Boots to Canada following the acquisition remains uncertain. If Boots were to re-enter the Canadian market, it could pose competition for Shoppers Drug Mart, which currently operates around 1,350 stores in Canada. With approximately 1,800 locations, Boots has been a subject of acquisition rumors, with analysts suggesting that the deal aligns well with the Weston family’s expertise in retail pharmacy.
As part of the announced deal, Sycamore Partners and Stefano Pessina and his family will retain ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director, Stefan Kaluzny, praised the work done by Boots’s management team and employees over the past year, emphasizing the bright future that lies ahead for the company.