The Weston family’s holding company, Wittington Investments, has announced the acquisition of the U.K. drugstore Boots for $8.9 billion US (almost $12.7 billion Cdn), including debt, from private equity firm Sycamore Partners. This move expands their business empire, adding Boots’s retail operations in the U.K., Ireland, Thailand, and franchised businesses, including its optical division and No7 Beauty Company.
Fairfax Financial Holdings Ltd., based in Toronto, will join forces with Wittington for the acquisition. Following the expected closing in the first quarter of 2027, Galen Weston will become Boots’s chairman. Weston expressed his admiration for Boots, highlighting its longstanding presence and crucial role in the U.K. and Ireland. He sees potential for enhancements through stable ownership, increased investment, and a renewed focus on customer service.
Boots, a well-known British retailer, shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain connected to the Weston family through Loblaw Companies Ltd.’s acquisition of Shoppers in 2014. In addition to their involvement in Loblaw and George Weston Ltd., the Westons also hold a stake in Associated British Foods, the parent company of Primark, Twinings tea, and other well-known brands.
The potential return of Boots to Canada remains uncertain. If it were to re-enter the Canadian market, it could pose competition to Shoppers Drug Mart, which operates approximately 1,350 stores nationwide. With around 1,800 locations globally, Boots’s acquisition by the Westons was viewed favorably by analysts when rumors surfaced in September. The deal is not expected to have a significant impact on Loblaw or George Weston if executed through Wittington.
As part of the acquisition agreement, Sycamore Partners and Stefano Pessina’s family will retain ownership of Boots Group’s stakes in Farmacias Benavides and Alliance Healthcare Deutschland. Sycamore’s managing director, Stefan Kaluzny, commended Boots’s management team and employees for their dedication, emphasizing the company’s promising future as an independent entity.