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 holding company, announced on Wednesday their purchase of Boots for $8.9 billion US (approximately $12.7 billion Cdn) from private equity firm Sycamore Partners, including assuming its debt.
In addition to Boots’s retail operations in the U.K. and Ireland, Wittington will also gain control over its operations in Thailand and franchised businesses, its optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. After the deal is finalized, expected in the first quarter of 2027, Galen Weston will become the chairman of Boots, with Wittington taking operational control.
Galen Weston expressed his admiration for Boots as a longstanding British business with a trusted reputation. He sees potential for enhancing the business further through long-term ownership, increased investment, and a stronger focus on customer service. Boots, a well-known retailer in the U.K., shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain linked to the Westons.
The Westons are recognized in Canada for their successful ventures, including Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew. They acquired Shoppers Drug Mart in 2014 and hold interests in Associated British Foods, the parent company of various well-known brands. The possibility of Boots returning to Canada following the acquisition remains uncertain, which could lead to competition with Shoppers Drug Mart’s extensive presence in the country.
Boots currently operates around 1,800 locations. Analysts had previously speculated on the potential Weston acquisition, citing the family’s expertise in retail pharmacy. The deal, which includes Sycamore Partners retaining ownership of certain interests, is seen as a positive step for Boots and its future growth.