The family controlling 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 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 take over its operations in Thailand, franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington in this acquisition. Galen Weston is expected to become Boots’s chairman after the deal is finalized in the first quarter of 2027, with operational control transitioning to Wittington at that time.
Although Galen Weston declined an interview, he expressed his interest in Boots as a longstanding British business with a trusted reputation and a significant presence in the U.K. and Ireland. He sees room for enhancements by ensuring stable ownership, long-term investments, and a renewed focus on customer service.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a major Canadian pharmacy chain associated with the Westons. The Westons are renowned in Canada for establishing Loblaw Companies Ltd. and George Weston Ltd., as well as owning luxury department store Holt Renfrew. They also have investments in Associated British Foods, the parent company of Primark and brands like Twinings tea and Mazola oils.
The potential return of Boots to Canada following this acquisition remains uncertain. If Boots were to re-enter the Canadian market, it could pose competition to Shoppers Drug Mart, which operates around 1,350 stores nationwide. With roughly 1,800 locations, Boots was speculated to be acquired by the Westons in late September, a move that industry analysts believed would leverage the Weston family’s expertise in retail pharmacy.
As part of the announced deal, Sycamore Partners, along with Stefano Pessina and his family, will maintain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director Stefan Kaluzny commended Boots’s management team and employees for their dedication, highlighting the bright future ahead for the company.