The Weston family’s business entity, Wittington Investments, has announced the acquisition of U.K. drugstore Boots for $8.9 billion US (approximately $12.7 billion Cdn), including debt, from private equity firm Sycamore Partners. This move expands the family’s business portfolio, encompassing Boots’s retail operations in the U.K. and Ireland, as well as its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company.
Fairfax Financial Holdings Ltd., based in Toronto, will collaborate with Wittington on this acquisition. Upon the anticipated completion in the first quarter of 2027, Galen Weston is set to become the chairman of Boots, with Wittington assuming operational control post-closure. Galen Weston expressed his interest in Boots, highlighting its long-established reputation and essential role in the daily lives of people in the U.K. and Ireland. He emphasized the potential for enhancing the business further through sustained ownership, capital investments, and a renewed focus on customer service excellence.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain associated with the Westons. The Weston family is renowned in Canada for their development of Loblaw Companies Ltd., George Weston Ltd., and ownership of luxury department store Holt Renfrew. Additionally, they hold interests in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The possible return of Boots to Canada following this acquisition remains uncertain. If Boots were to re-enter the Canadian market, it could potentially compete with Shoppers Drug Mart’s network of about 1,350 stores across Canada. The acquisition of Boots by the Westons had been speculated previously, with analysts recognizing the strategic fit due to the family’s expertise in retail pharmacy operations.
As part of the acquisition deal, Sycamore Partners and Stefano Pessina’s family will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Stefan Kaluzny, managing director at Sycamore Partners, commended Boots’s management team and employees for their dedication and foresight in establishing Boots as an independent entity, setting the stage for a promising future.