The Weston family, known for their prominent pharmacy and grocery chains in Canada, is expanding their business by acquiring the U.K. drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday the purchase of Boots for $8.9 billion US (approximately $12.7 billion Cdn), which includes debt, from private equity firm Sycamore Partners.
In addition to Boots’s retail presence 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 on this acquisition. Upon the anticipated completion in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman, with Wittington assuming operational control.
Galen Weston expressed his interest in Boots, highlighting its longstanding presence and trusted reputation in the U.K. and Ireland. He noted the potential for improvement through long-term ownership, increased capital investment, and a renewed focus on customer service excellence. Boots, a well-known retailer in Britain, shares similarities with Shoppers Drug Mart, the Canadian pharmacy giant associated with the Westons.
The Weston family is renowned 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 various well-known brands. The possibility of Boots returning to Canada following the acquisition remains uncertain, potentially positioning it as a competitor to Shoppers Drug Mart.
Boots currently operates around 1,800 locations. When rumors of the Weston family’s interest in acquiring Boots surfaced in late September, analysts saw strategic value in the deal due to the family’s expertise in retail pharmacy. The acquisition deal includes Sycamore Partners retaining ownership of certain Boots Group interests while emphasizing Boots’ potential for a prosperous future as a standalone entity.