The Weston family, known for their significant presence in Canada’s pharmacy and grocery sectors, is expanding their business by acquiring U.K.-based drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday the purchase of Boots for $8.9 billion US (nearly $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 businesses in Thailand, franchised operations, optical division, and No7 Beauty Company. Fairfax Financial Holdings Ltd., based in Toronto, will collaborate with Wittington on the acquisition. Following the expected closure in the first quarter of 2027, Galen Weston will assume the role of chairman for Boots, with Wittington taking operational control.
In a statement, Galen Weston expressed his admiration for Boots as a longstanding British establishment with a trusted reputation, highlighting its significance in the daily lives of people in the U.K. and Ireland. He emphasized the potential for improvement through sustained ownership, increased investments, and enhanced customer service.
Boots, a prominent retailer in Britain, bears similarities to Shoppers Drug Mart, a Canadian pharmacy chain associated with the Weston family. The Westons are renowned for their contributions to Loblaw Companies Ltd. and George Weston Ltd., as well as their ownership of luxury retailer Holt Renfrew. They are also involved with Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The possibility of Boots returning to Canada post-acquisition remains uncertain. However, if Boots re-enters the Canadian market, it could pose competition for Shoppers Drug Mart, which operates approximately 1,350 stores across Canada.
With around 1,800 locations, Boots garnered interest for a potential acquisition by the Westons in late September. Analysts viewed the deal positively, citing the Weston family’s expertise in retail pharmacy. The transaction will see Sycamore Partners, along with Stefano Pessina and his family, retaining ownership of certain Boots Group interests.
Sycamore’s managing director, Stefan Kaluzny, commended Boots’ management team and employees for their dedication, noting a bright future ahead for the company.
