The Weston family’s conglomerate, Wittington Investments, is expanding its business reach by acquiring the U.K.-based drugstore chain Boots in a deal worth $8.9 billion US (approximately $12.7 billion Cdn), which includes assuming debt from private equity firm Sycamore Partners. Wittington will take over Boots’ retail operations in the U.K. and Ireland, as well as its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company.
Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington in the acquisition. Following the expected closure in the first quarter of 2027, Galen Weston will assume the role of Boots’ chairman, with operational control passing to Wittington. Galen Weston expressed his admiration for Boots as a longstanding business with a trusted reputation and an integral part of daily life in the U.K. and Ireland, emphasizing the potential for improvement through long-term ownership, increased capital investment, and enhanced customer service focus.
Boots, a prominent retailer in the U.K., shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain associated with the Weston family’s businesses, which includes Loblaw Companies Ltd. and George Weston Ltd. 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 acquisition may or may not lead to Boots re-entering the Canadian market, where it previously operated. If Boots returns to Canada, it could potentially compete with Shoppers Drug Mart and its network of approximately 1,350 stores nationwide. The deal has garnered positive reactions from analysts, with RBC Capital Markets noting the strategic fit between Boots and the Weston family’s expertise in retail pharmacy operations.
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’s managing director, Stefan Kaluzny, commended the management team and staff of Boots, emphasizing their dedication and the promising future ahead for the company.
