The Weston family’s business expansion continues as they acquire U.K. drugstore Boots, adding to their portfolio of pharmacy and grocery chains in Canada. The acquisition, valued at $8.9 billion US (approximately $12.7 billion Cdn), includes Boots’s retail operations in the U.K., Ireland, Thailand, and franchised businesses, along with its optical division and No7 Beauty Company.
Wittington Investments, the Weston family holding company, announced the purchase in partnership with Toronto-based Fairfax Financial Holdings Ltd. Galen Weston is set to become Boots’s chairman post-acquisition, with operational control passing to Wittington. Weston expressed excitement about the acquisition, highlighting Boots as a longstanding British business with potential for growth and improvement through long-term ownership, capital investment, and enhanced customer service.
The Westons are recognized in Canada for their success with Loblaw Companies Ltd., George Weston Ltd., and luxury retailer Holt Renfrew. They also hold interests in Associated British Foods, the parent company of Primark, Twinings tea, and other household brands. The potential return of Boots to Canada, where it once operated, could lead to competition with Shoppers Drug Mart, owned by Loblaw Cos. Ltd.
Boots, founded in 1849 and boasting around 1,800 locations, has attracted attention for its acquisition by the Westons. Analysts see synergies between the Weston family businesses and the retail pharmacy sector, suggesting a beneficial outcome for the deal. As part of the acquisition, Sycamore Partners will retain ownership of certain Boots Group interests, emphasizing the positive trajectory of Boots as it focuses on its business and customers.