The Weston family’s business entity, Wittington Investments, has expanded its portfolio by acquiring the U.K. drugstore chain Boots for a total of $8.9 billion US (approximately $12.7 billion Cdn), inclusive of debt, from private equity firm Sycamore Partners. This acquisition includes Boots’s retail operations in the U.K. and Ireland, as well as its businesses in Thailand, franchised operations, optical division, and No7 Beauty Company.
As part of the deal, Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. Following the expected completion in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman, with Wittington gaining operational control post-closure.
In a news release, Galen Weston expressed his admiration for Boots, highlighting its longstanding presence and essential role in British and Irish communities. He emphasized the potential for enhancing the business through sustained ownership, increased capital investments, and a renewed focus on customer service excellence.
Boots, a prominent retailer in the U.K., draws parallels with Shoppers Drug Mart, a Canadian pharmacy chain associated with the Weston family. The Westons are renowned in Canada for their contributions to Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew. They also hold a stake in Associated British Foods, the parent company of various well-known brands.
The potential return of Boots to Canada following the acquisition raises the possibility of competition with Shoppers Drug Mart, which operates around 1,350 stores nationwide. The acquisition deal does not involve Boots’s interests in Farmacias Benavides and Alliance Healthcare Deutschland, which will remain under the ownership of Sycamore Partners and Stefano Pessina and family.
Analysts viewed the acquisition positively, citing the Weston family’s expertise in retail pharmacy as a valuable asset for Boots. The deal is seen as unlikely to significantly impact Loblaws or George Weston, especially if executed through Wittington, the family’s private investment arm.
The purchase of Boots by the Westons signifies a strategic move to enhance and expand their business empire, leveraging their experience and resources for the future growth and success of the renowned drugstore chain.