The Weston family’s investment company, Wittington Investments, has announced the acquisition of Boots, a leading U.K. drugstore chain, for approximately $8.9 billion US (nearly $12.7 billion Cdn), including debt. This deal 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.
Wittington will collaborate with Toronto-based holding company Fairfax Financial Holdings Ltd. on the acquisition. Galen Weston is set to become the chairman of Boots following the deal’s expected closure in the first quarter of 2027. He expressed his admiration for Boots as a longstanding business with a strong reputation in the U.K. and Ireland, highlighting the potential for further improvements under new ownership.
The Westons, known for their involvement in Loblaw Companies Ltd., George Weston Ltd., and Holt Renfrew, have also invested in Associated British Foods. The acquisition raises questions about whether Boots will re-enter the Canadian market, potentially competing with Shoppers Drug Mart, which currently operates approximately 1,350 stores nationwide.
Boots, founded in 1849, has around 1,800 locations. Analysts previously noted the strategic fit between Boots and the Weston family’s retail expertise. Sycamore Partners will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland as part of the deal. Stefan Kaluzny, managing director of Sycamore Partners, praised Boots’s management team and employees for their dedicated focus on the business and customers.
