The Weston family, known for leading Canada’s major pharmacy and grocery chains, is expanding its business by acquiring the U.K.-based drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday its plan to buy Boots for $8.9 billion US (nearly $12.7 billion Cdn), including debt, from Sycamore Partners, a private equity firm.
In addition to Boots’s retail presence in the U.K. and Ireland, Wittington will also take over its operations in Thailand, franchised businesses, optical division, and No7 Beauty Company. Fairfax Financial Holdings Ltd., based in Toronto, will collaborate with Wittington on this acquisition. After the deal closes, expected in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman, with Wittington having operational control.
Galen Weston expressed his interest in Boots, highlighting its longstanding reputation, trusted brand name, and significant role in the daily lives of people in the U.K. and Ireland. He sees potential for enhancing the business through stable ownership, increased capital investment, and a renewed focus on customer service excellence.
Boots, a renowned retailer in Britain, bears similarities to Shoppers Drug Mart, a Canadian pharmacy giant associated with the Weston family. The Westons are well-known in Canada for their involvement in Loblaw Companies Ltd., George Weston Ltd., and luxury department store Holt Renfrew. They also have interests in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, and other household brands.
The potential return of Boots to Canada remains uncertain. Should Boots re-enter the Canadian market, it could pose competition for Shoppers Drug Mart, which operates approximately 1,350 stores across the country. With around 1,800 locations, Boots drew attention for a possible acquisition by the Westons in late September, with analysts suggesting that the deal aligns well with the Weston family’s retail pharmacy expertise.
As part of the recently announced deal, Sycamore Partners, alongside Stefano Pessina and his family, will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director, Stefan Kaluzny, praised Boots’s management team and employees, highlighting the company’s bright future as an independent entity.