The Weston family, known for their prominent Canadian pharmacy and grocery businesses, is expanding their enterprise by acquiring the U.K. 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), which includes debt, from private equity firm Sycamore Partners.
In addition to acquiring Boots’s retail operations in the U.K. and Ireland, Wittington will also take over its operations in Thailand, franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. Upon the completion of the deal, expected in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman, with Wittington taking operational control.
Galen Weston expressed his admiration for Boots, highlighting its longstanding presence in Britain, trusted reputation, and essential role in the daily lives of people in the U.K. and Ireland. He sees significant potential to enhance the business further through stable ownership, increased capital investment, and a renewed focus on customer service excellence.
Boots, a leading retailer in Britain, bears resemblance to Shoppers Drug Mart, a major Canadian pharmacy chain connected to the Weston family. The Westons are renowned for their contributions to Loblaw Companies Ltd., George Weston Ltd., and luxury department store Holt Renfrew, with Loblaw Cos. Ltd. acquiring Shoppers Drug Mart in 2014.
The Westons also hold interests in Associated British Foods, the parent company of value retailer Primark, and renowned brands such as Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast. The potential return of Boots to Canada following the acquisition could pose competition for Shoppers Drug Mart, which operates around 1,350 stores in the country.
The acquisition deal will see Sycamore Partners, along with Stefano Pessina and his family, retaining 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.