The Weston family, known for their large pharmacy and grocery chains in Canada, is expanding their business by acquiring U.K.-based drugstore Boots. Wittington Investments, the Weston family’s holding company, announced on Wednesday that they will purchase 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 gain control of its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. After the deal closes in the first quarter of 2027, Galen Weston will become the chairman of Boots, with Wittington taking over operational management.
Galen Weston expressed his admiration for Boots, highlighting its longstanding presence in the U.K. and Ireland as a trusted business integral to daily life in those regions. He emphasized the potential for improvement through stable ownership, increased capital investment, and enhanced operational focus to better serve customers for generations to come.
Boots, a leading retailer in Britain, shares similarities with Shoppers Drug Mart, the Canadian pharmacy chain linked to the Westons. The Weston family is renowned in Canada for their development of Loblaw Companies Ltd., George Weston Ltd., and ownership of Holt Renfrew luxury department store. They also hold a stake in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The potential return of Boots to Canada following the acquisition remains uncertain. If Boots re-enters the Canadian market, it could pose competition for Shoppers Drug Mart, which operates around 1,350 stores in Canada. Boots currently has about 1,800 locations.
RBC Capital Markets analyst Irene Nattel viewed the rumored acquisition as a logical step due to the Weston family’s expertise in retail pharmacy. She believed that the deal, if completed through Wittington, would not significantly impact Loblaw or George Weston. As part of the agreement, Sycamore Partners and Stefano Pessina’s family will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland.
Sycamore Partners’ managing director, Stefan Kaluzny, commended Boots’ management team and employees, stating that the recent transaction reflects the company’s dedication and promising future.
