The Weston family, known for their prominent pharmacy and grocery chains in Canada, is expanding their business by acquiring U.K. drugstore Boots. On Wednesday, Wittington Investments, the Weston family holding company, announced the purchase of Boots for $8.9 billion US (approximately $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 businesses in Thailand, franchised operations, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition, and upon closing in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman.
Galen Weston expressed his admiration for Boots, highlighting its long-standing presence and essential role in the U.K. and Ireland. He emphasized the potential for enhancing the business through long-term ownership, increased capital investment, and a renewed focus on customer service excellence.
Boots, a well-known retailer in Britain, shares similarities with Shoppers Drug Mart, a major Canadian pharmacy chain with connections to the Weston family. The Westons are recognized in Canada for establishing Loblaw Companies Ltd., George Weston Ltd., and owning luxury retailer Holt Renfrew. They also hold a stake in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The possibility of Boots returning to Canada following the acquisition remains uncertain. If Boots re-enters the Canadian market, it could potentially compete with Shoppers Drug Mart, which operates around 1,350 stores in the country.
With approximately 1,800 locations, Boots was rumored to be acquired by the Westons in late September, a move that was viewed favorably by analysts. The deal is not expected to significantly impact Loblaws or George Weston if completed through the family’s investment arm, Wittington.
As part of the acquisition deal, 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, praised the management team and employees of Boots for their dedicated work and expressed optimism for the company’s future.