The family that owns major pharmacy and grocery chains in Canada is expanding its business by acquiring the U.K. drugstore Boots. Wittington Investments, the holding company of the Weston family, 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 includes its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company. Fairfax Financial Holdings Ltd., based in Toronto, will collaborate with Wittington in this acquisition. Upon the expected closing in the first quarter of 2027, Galen Weston will become the chairman of Boots, with operational control vested in Wittington.
Galen Weston expressed his admiration for Boots, highlighting its longstanding presence in British business and its essential role in the daily lives of people in the U.K. and Ireland. He emphasized the potential for enhancing the business through stable ownership, long-term investments, and a renewed focus on customer service excellence.
Boots, a prominent retailer in the U.K., shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain associated with the Weston family. The Westons are renowned for their contributions to Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew luxury department store. They also hold interests in Associated British Foods, the parent company of various well-known brands.
While it remains uncertain if the acquisition will bring Boots back to Canada, the move could potentially introduce competition with Shoppers Drug Mart, which operates around 1,350 stores in the country. Analysts had previously speculated on the possible benefits of the acquisition to the Weston family due to their expertise in retail pharmacy.
As part of the deal, Sycamore Partners, together with Stefano Pessina and his family, will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director commended Boots’ management team and employees for their dedicated work and expressed optimism about the company’s promising future.
