The family controlling major pharmacy and grocery chains in Canada is expanding its business by acquiring the U.K. drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday the purchase of Boots for $8.9 billion US (approximately $12.7 billion Cdn), debt included, 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 operations in Thailand, franchised businesses, optical division, and No7 Beauty Company.

Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington in this acquisition. Following the expected closure in the first quarter of 2027, Galen Weston will assume the role of Boots’s chairman, with Wittington taking operational control upon completion. Galen Weston expressed his admiration for Boots, stating that it is a longstanding British business with a trusted reputation and an essential presence in the daily lives of people in the U.K. and Ireland. He sees significant potential for improvement through stable ownership, increased capital investment, and a renewed focus on customer service excellence.

Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, the Canadian pharmacy giant associated with the Westons. The Westons are renowned in Canada for establishing Loblaw Companies Ltd. and George Weston Ltd., as well as owning Holt Renfrew luxury department store. They 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 remains uncertain, as the acquisition might lead to competition with Shoppers Drug Mart, which operates around 1,350 stores nationwide. Boots currently operates approximately 1,800 locations. Analysts had previously suggested that an acquisition by the Westons made sense due to their expertise in retail pharmacy. As part of the recent deal, Sycamore Partners, along with Stefano Pessina and his family, will retain ownership of Boots Group’s interests in Farmacias Benavides and Alliance Healthcare Deutschland.

Sycamore’s managing director, Stefan Kaluzny, commended Boots’ management team and employees, emphasizing their dedication to the business and customers.