TORONTO — The Weston family, which controls Canada’s largest pharmacy and grocery chains, is expanding its business portfolio by acquiring the U.K. drugstore chain Boots. On Wednesday, Wittington Investments, the family’s holding company, announced that it would purchase Boots for approximately US$8.9 billion (C$12.7 billion), inclusive of debt, from Sycamore Partners, a private equity firm.

This acquisition includes Boots’ retail operations in the United Kingdom and Ireland, as well as its operations in Thailand, franchised businesses, the optical division, and the No7 Beauty Company. The deal is slated for completion in the first quarter of 2027, with Galen Weston set to assume the role of chairman for Boots upon closing. Wittington will have operational control of the company once the acquisition is finalized.

Galen Weston, although declining an interview opportunity on Wednesday, expressed his enthusiasm for the acquisition in a press release. He described Boots as “one of Britain’s most enduring businesses” that holds a “rich heritage” and plays a vital role in everyday life across the U.K. and Ireland. Weston also indicated that there is significant potential for growth within the company, suggesting that with stable long-term ownership, additional capital investment, and a renewed operating focus, Boots can be transformed into an even greater business for future generations.

Boots is a major retailer in Britain and shares several similarities with Canada’s Shoppers Drug Mart, which is also linked to the Weston family. The Westons have built a reputation in Canada through the establishment of Loblaw Companies Ltd. and George Weston Ltd., as well as owning the upscale department store Holt Renfrew. Loblaw famously acquired Shoppers Drug Mart in 2014.

In addition to their pharmacy interests, the Westons hold a stake in Associated British Foods, which is the parent company of the value retailer Primark, as well as producers of popular brands such as Twinings tea, Mazola oils, Mazzetti vinegars, Ovaltine, and Fleischmann’s yeast.

While the announcement of this acquisition raises questions about the potential for Boots to return to Canada—where it once operated—the implications for the competitive landscape remain uncertain. Should Boots reinstate operations in Canada, it could challenge Shoppers Drug Mart, which operates approximately 1,350 locations, whereas Boots currently boasts around 1,800 outlets.

When speculation regarding the acquisition arose in late September, RBC Capital Markets analyst Irene Nattel noted that a deal would likely be beneficial. She emphasized that the Weston family’s extensive knowledge and experience in retail pharmacy could align well with the Boots brand, enhancing its service and operational capabilities. Nattel indicated that such a transaction would not significantly affect Loblaw or George Weston if it proceeded through Wittington Investments.

As part of the acquisition agreement announced on Wednesday, Sycamore Partners and Stefano Pessina's family will retain ownership of Boots’ interests in Farmacias Benavides and Alliance Healthcare Deutschland. A spokesperson for Sycamore Partners refrained from providing further comments on the transaction on Wednesday.

Stefan Kaluzny, managing director of Sycamore, praised the efforts of Boots’ management team and its over 50,000 employees. He stated, “One year ago, we re-established Boots as a standalone company, allowing its management team to focus solely on their business and customers. This transaction is a testament to the work they have done and the incredibly bright future ahead.”