The Weston family, known for leading major pharmacy and grocery chains in Canada, is expanding its business by acquiring the U.K. drugstore Boots. The holding company Wittington Investments, owned by the Weston family, has announced the purchase of Boots for $8.9 billion US (almost $12.7 billion Cdn), including 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 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 acquisition. After the deal closes 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 due to its longstanding presence in the U.K. and Ireland, emphasizing its heritage and trusted reputation. He sees potential for improvement through long-term ownership, increased investment, and enhanced customer service focus.
Boots, a prominent retailer in Britain, bears similarities to Shoppers Drug Mart, a leading Canadian pharmacy chain owned by the Westons. The Weston family is renowned in Canada for their involvement in Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew. They also hold a stake in Associated British Foods, the parent company of well-known brands like Primark, Twinings tea, Mazola oils, and others.
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 in the country. Boots currently has approximately 1,800 locations.
Rumors of the Weston family’s interest in acquiring Boots were circulating in late September, with analysts expressing positive views on the potential deal. The agreement announced on Wednesday includes Sycamore Partners retaining ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland.
Stefan Kaluzny, managing director of Sycamore Partners, commended the management team and employees of Boots for their dedicated work over the past year, highlighting the bright future ahead for the company.