The family in charge of major pharmacy and grocery chains in Canada is expanding its business by acquiring the U.K. drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday its purchase of Boots for $8.9 billion US (roughly $12.7 billion Cdn), including debt, from private equity firm Sycamore Partners.
In addition to Boots’s retail operations in the U.K. and Ireland, Wittington will also take over its operations in Thailand and franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. Galen Weston is expected to become Boots’s chairman after the deal closes in the first quarter of 2027, with Wittington assuming operational control.
Galen Weston expressed his interest in Boots, highlighting its long-standing presence in Britain and its essential role in the daily lives of people in the U.K. and Ireland. He sees potential for enhancing the business further through stable ownership, increased investment, and a renewed focus on customer service.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, the Canadian pharmacy giant associated with the Westons. The family is renowned in Canada for establishing Loblaw Companies Ltd. and George Weston Ltd., as well as owning Holt Renfrew department store. They also hold a stake in Associated British Foods, the parent company of various well-known brands.
It remains uncertain if the acquisition will lead to Boots returning to Canada, where it operated in the past. Should Boots re-enter the Canadian market, it could potentially compete with Shoppers Drug Mart, which currently operates around 1,350 stores nationwide. Boots currently has approximately 1,800 locations globally.
Rumors of the Weston family’s interest in acquiring Boots surfaced in late September, with analysts noting the synergies between the businesses. The deal is not expected to significantly impact Loblaw or George Weston, especially if executed through the family’s private investment arm, Wittington.
As part of the acquisition agreement, Sycamore Partners, along with 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, commended Boots’ management team and employees for their dedication and foresaw a promising future for the company.