The family that owns major pharmacy and grocery chains in Canada is expanding its business by acquiring U.K. drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday that it will buy 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 also 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 deal. After the acquisition is finalized, which is expected in the first quarter of 2027, 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. He sees potential for improvement and aims to enhance the business through long-term ownership, increased investment, and enhanced customer service. Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain 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 have a stake in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast. The return of Boots to Canada following the acquisition remains uncertain, potentially leading to competition with Shoppers Drug Mart, which operates around 1,350 stores in the country.
Boots currently has about 1,800 locations. Analysts previously suggested that the acquisition by the Westons would align well with their retail pharmacy expertise. Sycamore Partners, along with Stefano Pessina and his family, will retain ownership of interests in Farmacias Benavides and Alliance Healthcare Deutschland within The Boots Group. Stefan Kaluzny, Sycamore’s managing director, praised Boots’ management team and employees for their dedication to the business and customers.