The family behind two of Canada’s major pharmacy and grocery chains is further expanding its business by acquiring U.K.-based drugstore Boots. Wittington Investments, the holding company of the Weston family, announced on Wednesday the purchase of Boots for $8.9 billion US (around $12.7 billion Cdn), which includes 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 in this acquisition, with the closing expected in the first quarter of 2027, following which Galen Weston will assume the role of Boots’s chairman.
Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy giant with connections to the Westons. The Westons, known for their contributions to Loblaw Companies Ltd., George Weston Ltd., and luxury department store Holt Renfrew in Canada, also hold a stake in Associated British Foods, the parent company of Primark, Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.
The potential return of Boots to Canada following the acquisition remains uncertain. If Boots re-enters the Canadian market, it could pose competition to Shoppers, which operates approximately 1,350 stores in the country. With around 1,800 locations, Boots garnered interest from the Westons when rumors of the acquisition surfaced in late September. Analyst Irene Nattel from RBC Capital Markets suggested that the deal aligns well with the Weston family’s expertise in retail pharmacy, which could be advantageous if the acquisition materializes through their private investment entity, Wittington. Nattel indicated that the potential deal would likely have minimal impact on Loblaws or George Weston.
