The Weston family, known for their involvement in major pharmacy and grocery chains in Canada, is expanding their business by acquiring the U.K.-based drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday 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, the acquisition will include 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, with the closing expected in the first quarter of 2027. Following the acquisition, Galen Weston will become the chairman of Boots, with Wittington assuming operational control.
Galen Weston expressed his interest in Boots, highlighting its longstanding presence in the U.K. and Ireland, and its essential role in daily life. He emphasized the potential for improvement through long-term ownership, increased capital investment, and enhanced operational focus to better serve customers for generations to come.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy giant associated with the Westons. The Westons are renowned in Canada for their contributions to Loblaw Companies Ltd., George Weston Ltd., and 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 possibility of Boots returning to Canada post-acquisition remains uncertain. A Canadian return could potentially position Boots as a competitor to Shoppers Drug Mart, which operates around 1,350 stores in Canada. With approximately 1,800 locations, Boots drew interest from analysts when rumors of the Weston acquisition surfaced, with expectations of leveraging the Weston family’s retail pharmacy expertise.
As part of the acquisition deal, Sycamore Partners, along with Stefano Pessina and his family, will maintain 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 emphasized the bright future ahead for the company as it transitions under new ownership.