The Weston family, known for their involvement in major pharmacy and grocery chains in Canada, is expanding their business by acquiring 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), 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.
Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on this acquisition. Galen Weston is set to become the chairman of Boots after the acquisition is finalized, which is expected to take place in the first quarter of 2027. Boots, a significant retailer in Britain, bears similarities to Shoppers Drug Mart, a prominent Canadian pharmacy chain associated with the Westons.
The Westons are renowned in Canada for their contributions to Loblaw Companies Ltd. and George Weston Ltd., as well as their ownership of luxury department store Holt Renfrew. They also hold a stake in Associated British Foods, the parent company of value retailer Primark and the producers of Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
It remains uncertain whether this acquisition will lead Boots, founded in 1849 and previously active in Canada, to return to the country. If Boots re-enters the Canadian market, it could potentially compete with Shoppers, which operates around 1,350 stores in Canada. With approximately 1,800 locations, Boots drew interest from the Westons when rumors of the acquisition surfaced in late September. Analyst Irene Nattel from RBC Capital Markets noted that the deal aligns with the Weston family’s expertise in retail pharmacy, potentially benefiting from their knowledge and experience. Nattel indicated that if the acquisition is carried out through the family’s private investment arm Wittington, it is unlikely to have a significant impact on Loblaws or George Weston.