The family behind Canada’s major pharmacy and grocery chains is expanding its business by acquiring 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, Wittington will also take over its operations in Thailand and franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. Following the expected closure in the first quarter of 2027, Galen Weston will assume the role of chairman at Boots, with Wittington taking operational control.
Galen Weston expressed his interest in Boots, highlighting its long-standing presence in Britain and Ireland as well as its esteemed reputation. He emphasized the potential for enhancing the business through sustained ownership, increased capital investment, and a renewed focus on customer service excellence for future generations.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, the Canadian pharmacy giant associated with the Westons. The Weston family is renowned in Canada for their involvement in Loblaw Companies Ltd., George Weston Ltd., and luxury department store Holt Renfrew. They acquired Shoppers Drug Mart in 2014 and also hold a stake in Associated British Foods, the parent company of various well-known brands.
The potential return of Boots to Canada following the acquisition remains uncertain. If Boots re-enters the Canadian market, it could pose competition to Shoppers Drug Mart, which operates around 1,350 stores nationwide. With approximately 1,800 locations globally, the speculated acquisition of Boots by the Westons garnered positive reactions from analysts, citing the family’s extensive knowledge and experience in retail pharmacy operations.
As part of the transaction, Sycamore Partners and Stefano Pessina’s family will retain ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director praised Boots’ management team and employees for their dedicated efforts over the past year, foreseeing a prosperous future for the company.