The Weston family’s business empire is expanding as they announce the acquisition of the U.K. drugstore chain Boots. Wittington Investments, the Weston family holding company, revealed on Wednesday their 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 presence in the U.K. and Ireland, Wittington will also take over its operations in Thailand, franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition, with Galen Weston set to become Boots’s chairman after the deal’s expected closure in the first quarter of 2027.
Galen Weston expressed his admiration for Boots, highlighting its longstanding history and essential role in the lives of people in the U.K. and Ireland. He sees potential for enhancing the business through stable ownership, increased investment, and a focus on customer service excellence for future generations.
Boots, a prominent retailer in Britain, shares similarities with Canada’s Shoppers Drug Mart, which is associated with the Weston family known for Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew. The acquisition raises speculation about Boots potentially returning to Canada, where it previously operated.
The Westons also have interests in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast. The deal with Wittington excludes Boots’s interests in Farmacias Benavides and Alliance Healthcare Deutschland, which will remain with Sycamore Partners and Stefano Pessina’s family.
Analysts view the acquisition positively, citing the Weston family’s expertise in retail pharmacy. Sycamore Partners praised Boots’ management team and employees for their dedication and anticipated a bright future for the company as it transitions under new ownership.