The Weston family, known for their prominent Canadian pharmacy and grocery chains, is expanding their business by acquiring the U.K. drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday that they will buy Boots for $8.9 billion US (almost $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 gain control of its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will partner with Wittington for the acquisition. After the deal closes in the first quarter of 2027, Galen Weston will take over as Boots’s chairman, with Wittington assuming operational control.
Galen Weston expressed his admiration for Boots, highlighting its long-standing presence in Britain and Ireland. He emphasized the opportunity for improvement through long-term ownership, increased investment, and enhanced customer service. Boots, a well-known retailer in Britain, shares similarities with Canada’s Shoppers Drug Mart, a pharmacy chain with connections to the Weston family.
The Westons are recognized in Canada for their contributions to Loblaw Companies Ltd., George Weston Ltd., and luxury department store Holt Renfrew. They also hold a stake in Associated British Foods, the parent company of retailers like Primark, and brands such as Twinings tea and Mazola oils.
It remains uncertain if the acquisition will bring Boots back to Canada, where it previously operated. The move could potentially create competition for Shoppers Drug Mart, which operates around 1,350 stores in Canada. Boots currently has approximately 1,800 locations worldwide.
Analysts previously noted that the Weston family’s experience in retail pharmacy could benefit Boots. The deal will see Sycamore Partners and Stefano Pessina retaining ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director praised Boots’ management team and employees for their dedicated work and future prospects.