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Galen Weston Jr. Loblaw Co. Ltd. chairman Galen Weston Jr., one of Canada’s 38 billionaires in 2014. (Aaron Vincent Elkaim \/ THE CANADIAN PRESS) <\/p>\nRetail analyst Bruce Winder reacts to the report of the Westons purchasing Boots and how it will benefit the pharmacy chain. <\/p>\n
TORONTO \u2014 The family behind Canada\u2019s biggest pharmacy and grocery chains is growing its empire with the acquisition of U.K. drugstore Boots.<\/p>\n
Weston family holding company Wittington Investments said Wednesday that it will purchase Boots for US$8.9 billion ($12.7 billion), including debt, from private equity firm Sycamore Partners.<\/p>\n
Along with Boots\u2019 retail operations in the United Kingdom and Ireland, Wittington will acquire its operations in Thailand, franchised businesses, its optical division and No7 Beauty Co. <\/p>\n
Toronto-based holding company Fairfax Financial Holdings Ltd. will partner with Wittington on the acquisition and after its closing, expected in the first quarter of 2027, Galen Weston will become Boots\u2019 chairman. Wittington will have operational control when the deal closes.<\/p>\n
Weston, who declined an interview Wednesday, said in a press release that he was drawn to Boots because it is \u201cone of Britain\u2019s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the U.K. and Ireland.\u201d<\/p>\n
However, he hinted there is some room for improvement.<\/p>\n
\u201cWe 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,\u201d he said.<\/p>\n
Boots is among Britain\u2019s most prominent retailers and has many similarities to Shoppers Drug Mart, the Canadian pharmacy giant with ties to the Westons.<\/p>\n
The Westons are best known in Canada for building Loblaw Cos. Ltd. and George Weston Ltd. and owning luxury department store Holt Renfrew. Loblaw bought Shoppers Drug Mart in 2014.<\/p>\n
The British branch of the family also has a stake in Associated British Foods, the parent company of value retailer Primark and the makers of Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine and Fleischmann\u2019s yeast.<\/p>\n
Boots has a long history in Britain. It was founded in 1849 and remains a high street mainstay. It operated for a time in Canada before leaving, though the brand is no longer well-known here. If Boots were to make a Canadian return it could become a competitor with Shoppers, which counts about 1,350 stores in Canada. Boots has roughly 1,800 locations in the United Kingdom.<\/p>\n
When a Boots acquisition by the Westons was rumoured in late September, RBC Capital Markets analyst Irene Nattel said she thought a deal would make some sense.<\/p>\n
Galen Weston Jr. Loblaw Co. Ltd. chairman Galen Weston Jr., one of Canada’s 38 billionaires in 2014. (Aaron Vincent Elkaim \/ THE CANADIAN PRESS) <\/p>\n
\u201cWe believe there is substantial organizational knowledge and understanding of retail pharmacy within the Weston family of businesses and investments, knowledge that would prove extremely useful should a transaction come to fruition,\u201d she wrote in a Sept. 30 note to investors.<\/p>\n
She didn\u2019t see a potential deal as having much impact on Loblaw or George Weston, if it were completed through Wittington.<\/p>\n
As part of the deal announced Wednesday, Sycamore Partners, along with Stefano Pessina and his family, will retain ownership of The Boots Group\u2019s interests in Farmacias Benavides and Alliance Healthcare Deutschland.<\/p>\n
A spokesperson for Sycamore said no one from the company would do an interview about the transaction Wednesday.<\/p>\n
\u201cOne year ago, we re-established Boots as a standalone company, allowing its management team and more than 50,000 colleagues to focus solely on their business and customers,\u201d said Sycamore\u2019s managing director Stefan Kaluzny, in a press release. <\/p>\n
\u201cThis transaction is a testament to the work they have done and the incredibly bright future ahead.\u201d<\/p>\n
This report by The Canadian Press was first published Oct. 7, 2026.<\/p>\n
Tara Deschamps, The Canadian Press<\/p>\n
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