The Weston family, known for their prominent pharmacy and grocery businesses in Canada, is expanding their reach by acquiring the U.K. drugstore chain Boots. Wittington Investments, the Weston family’s holding company, announced on Wednesday the purchase of Boots for $8.9 billion US (approximately $12.7 billion Cdn), inclusive of debt, from private equity firm Sycamore Partners.
In addition to Boots’s retail operations in the U.K. and Ireland, Wittington will also gain control of its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington in the acquisition. Following the expected closing in the first quarter of 2027, Galen Weston will assume the role of chairman for Boots, with Wittington taking over operational control.
Expressing his interest in Boots, Galen Weston highlighted the brand’s rich heritage and essential role in the U.K. and Ireland. He sees significant potential for improvement through long-term ownership, increased capital investment, and enhanced operational focus to better serve customers for years to come.
With Boots being a leading retailer in Britain, comparisons are drawn to Shoppers Drug Mart in Canada, a pharmacy chain associated with the Westons. The Weston family is renowned in Canada for their establishment of Loblaw Companies Ltd., George Weston Ltd., and ownership of Holt Renfrew. They also hold stakes in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The potential return of Boots to Canada remains uncertain. If Boots were to re-enter the Canadian market, it could pose as competition to Shoppers Drug Mart, which operates around 1,350 stores in the country. The acquisition of Boots by the Westons was previously speculated, with industry analysts acknowledging the synergies between the Weston family’s retail pharmacy expertise and Boots’s operations.
As part of the acquisition deal, Sycamore Partners and Stefano Pessina and his family will retain ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore Partners’ managing director, Stefan Kaluzny, commended the management team and employees of Boots for their dedication to the business and customers, emphasizing a promising future ahead.