The Weston family, known for their prominent pharmacy and grocery chains in Canada, is expanding their business 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 Boots’s retail operations in the U.K. and Ireland, Wittington will also take over 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 this acquisition. Following the expected closing 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 longstanding presence in Britain and Ireland and its essential role in people’s daily lives. He sees potential for significant improvements through long-term ownership, increased capital investment, and enhanced operational focus to better serve customers.
Boots, a well-known retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy giant associated with the Westons. The Weston family is recognized in Canada for their successful ventures such as 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 possibility of Boots re-entering the Canadian market remains uncertain. If Boots does return to Canada, it could pose competition for Shoppers Drug Mart, which currently 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 when rumors surfaced in late September. The deal is not expected to have a significant impact on Loblaws or George Weston if completed through Wittington, the family’s private investment arm.
As part of the acquisition agreement, Sycamore Partners, alongside 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, praised the management team and employees of Boots for their dedication and emphasized the bright future ahead for the company.