The family behind major pharmacy and grocery chains in Canada is expanding its business by acquiring U.K. drugstore Boots. Wittington Investments, the holding company of the Weston family, announced on Wednesday that it will buy 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 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 is finalized, expected in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman, with Wittington gaining operational control upon completion.
Although Galen Weston did not grant an interview on Wednesday, he expressed in a news release his admiration for Boots as an enduring business with a trusted name and essential role in the U.K. and Ireland. He sees potential for improvement in the business through long-term ownership, increased investment, and enhanced operational focus to better serve customers.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, the Canadian pharmacy chain associated with the Westons. The Westons are renowned in Canada for establishing Loblaw Companies Ltd., George Weston Ltd., and owning luxury department store Holt Renfrew. They also hold a stake in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, and other well-known brands.
The possibility of Boots returning to Canada following the acquisition remains uncertain. If Boots re-enters the Canadian market, it could potentially compete with Shoppers Drug Mart, which operates around 1,350 stores nationwide. Boots currently has approximately 1,800 locations.
RBC Capital Markets analyst Irene Nattel previously noted that the Weston family’s expertise in retail pharmacy could benefit from the Boots acquisition. She believed that the deal would not significantly impact Loblaw or George Weston, especially if carried out through the family’s private investment arm, Wittington.
As part of the acquisition agreement, Sycamore Partners, along with Stefano Pessina and his family, will retain ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Stefan Kaluzny, managing director of Sycamore, commended Boots’s management team and employees for their work and anticipated a bright future for the company.