The family that owns major pharmacy and grocery chains in Canada is expanding its business by acquiring the U.K.-based drugstore Boots. Wittington Investments, the holding company of the Weston family, announced on Wednesday the purchase of 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 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 on the acquisition. After the expected closing in the first quarter of 2027, Galen Weston will assume the position of Boots’s chairman, with operational control transferring to Wittington.
In a statement, Galen Weston expressed his admiration for Boots, highlighting its long-standing presence in Britain and Ireland. He emphasized the potential for improvement, aiming to enhance the business through stable ownership, increased investments, and a renewed focus on customer service.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy giant affiliated with the Weston family. The Westons are renowned in Canada for their involvement in Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew. They acquired Shoppers Drug Mart in 2014 and have investments in Associated British Foods, which owns brands like Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The possibility of Boots returning to Canada post-acquisition remains uncertain. The move could potentially position Boots as a competitor to Shoppers Drug Mart, which currently operates around 1,350 stores nationwide. With approximately 1,800 locations globally, Boots was the subject of acquisition rumors in late September, drawing positive responses from analysts who recognized the Weston family’s expertise in retail pharmacy.
As part of the deal, Sycamore Partners and Stefano Pessina’s family will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director, Stefan Kaluzny, commended Boots’ management team and employees for their dedication, foreseeing a promising future for the company as it moves forward under new ownership.
