Canada's Westons to buy iconic British pharmacy chain Boots for $8.9B
· Toronto Sun
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Canada’s Weston family has reached a blockbuster deal to buy storied British pharmacy chain Boots for $8.9 billion, The Guardian reported.
The family behind Loblaws, Canada’s largest grocery chain, and Shoppers Drug Mart , the country’s largest pharmacy chain, will buy Boots and its associated businesses from majority owner Sycamore Partners through its holding company, Wittington Investments. The Wall Street Journal reported that Sycamore, in partnership with Stefano Pessina, former executive chairman of Walgreens Boots Alliance, had been in talks with the Westons to sell the chain.
Wittington said it was partnering with Toronto-based Fairfax Financial , the holding company behind restaurants Swiss Chalet, Harvey’s and The Keg, among others, to acquire the British pharmacy chain. Fairfax will control 50% of the equity in Boots when the deal closes, while Wittington will have operational control. Galen Weston, chair of both George Weston and Loblaw, will serve as company chair.
In all, Wittington is buying Boots’ retail operations in the U.K. and Ireland, the Boots Opticians chain, No7 Beauty Co. and its Thailand and franchised businesses. Sycamore and Pessina will keep ownership of Boots’ stake in Farmacias Benavides in Mexico and Alliance Healthcare Deutschland.
Westons like the history
Boots began in 1849 when John Boots sold herbal remedies in Nottingham, England. By 1933, Boots had opened its 1,000th store, and two years later, it launched its No7 cosmetics line.
Weston said the chain’s rich heritage drew the family and got them interested in a deal, calling it in a statement, “ one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the U.K. and Ireland.”
But Weston noted that Boots has room to improve.
“We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come,” he said.
The family has a major presence in the country. The British branch of the Westons has a stake in Associated British Foods , the parent company of Primark and maker of Twinnings Tea, Mazola cooking oil, Mazzetti vinegar, Ovaltine and Fleischmann’s Yeast. Wittington owned British department store Selfridges from 2003 to 2021.
The transaction must pass regulatory approvals, and the deal is expected to close in early 2027.