The family controlling major pharmacy and grocery chains in Canada is expanding its 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 operations in the U.K. and Ireland, Wittington will also gain control of its operations in Thailand, franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington in the acquisition. Following the expected closing in the first quarter of 2027, Galen Weston will become Boots’s chairman, with Wittington taking operational control thereafter.
Galen Weston expressed his interest in Boots, highlighting its longstanding presence in Britain, trusted reputation, and essential role in daily life across the U.K. and Ireland. He sees potential for enhancing the business through stable ownership, increased capital investment, and a renewed customer-centric approach for future generations.
Boots, a prominent retailer in Britain, bears similarities to Shoppers Drug Mart, the Canadian pharmacy giant associated with the Westons. The Westons are renowned in Canada for their involvement in Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew. They have also invested in Associated British Foods, the parent company of brands like Primark, Twinings tea, Mazola oils, and more.
The potential return of Boots to Canada post-acquisition remains uncertain. A reentry could position Boots as a competitor to Shoppers Drug Mart, which operates around 1,350 stores in Canada. Boots currently has approximately 1,800 locations worldwide.
The deal will see Sycamore Partners, along with Stefano Pessina and his family, retaining ownership of The Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director, Stefan Kaluzny, praised the efforts of Boots’s management team and staff, emphasizing the bright future that lies ahead for the company.
