The family behind Canada’s largest pharmacy and grocery chains is expanding its business by purchasing U.K. drugstore Boots. Wittington Investments, the Weston family holding company, 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 acquire 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 closing, expected in the first quarter of 2027, Galen Weston will become the chairman of Boots, with Wittington assuming operational control.
Galen Weston expressed his admiration for Boots, highlighting its long-standing presence in Britain and its significant role in daily life across the U.K. and Ireland. He emphasized the potential for improvement in the business through long-term ownership, increased investment, and enhanced customer service.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain associated with the Westons. The Westons are renowned in Canada for their contributions to Loblaw Companies Ltd., George Weston Ltd., and luxury department store Holt Renfrew. They also have a stake in Associated British Foods, the parent company of various household brands.
It remains uncertain whether the acquisition will bring Boots back to Canada, where it operated in the past. If Boots re-enters the Canadian market, it could pose competition for Shoppers Drug Mart, which operates around 1,350 stores in the country.
Boots currently has approximately 1,800 locations. When rumors of the Weston family’s interest in acquiring Boots surfaced in late September, analysts believed it aligned well with the family’s retail pharmacy expertise. The recent deal will see Sycamore Partners retaining ownership of certain Boots Group interests.
Sycamore Partners’ managing director, Stefan Kaluzny, praised the work done by Boots’ management team and employees, emphasizing a bright future for the company.