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) 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, franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. Upon the deal’s completion, 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 admiration for Boots, highlighting its long-standing presence and essential role in the U.K. and Ireland. He emphasized the potential for improvement through stable ownership, increased capital investment, and enhanced operational focus to better serve customers in the long term.
Boots, a prominent British retailer, shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain with connections to the Weston family. The Westons are renowned for their contributions to 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, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The impact of the acquisition on Boots’s return to Canada remains uncertain. The acquisition could potentially position Boots as a competitor to Shoppers Drug Mart, which operates around 1,350 stores in Canada. RBC Capital Markets analyst Irene Nattel previously mentioned the strategic fit of the deal with the Weston family’s retail pharmacy expertise.
As part of the announced agreement, Sycamore Partners and Stefano Pessina’s family will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore Partners’ managing director Stefan Kaluzny praised Boots’s management team and employees for their dedication and foresaw a promising future for the company.
