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People walk past a Boots store in London, England, in August. Toronto-based Wittington Investments and Fairfax Financial are acquiring Boots, which has 1,800 stores, from a U.S. private equity fund.Mike Kemp/Getty Images
The Weston family is returning to British retailing by acquiring drug-store chain Boots for US$8.9-billion, including assumed debt, with financial backing from Fairfax Financial Holdings Ltd. FFH-T
The Toronto-based Weston family’s holding company Wittington Investments Ltd. is buying the 1,800-store Boots chain from U.S. private equity fund Sycamore Partners, which acquired the business as part of a US$24-billion leveraged buyout of U.S. drug-store company Walgreens in 2025.
Wittington is also buying out another billionaire family, headed by Stefano Pessina. Mr. Pessina is the former chair of Boots. He acquired the chain in 2007, then sold the majority of the company to Sycamore, while retaining an ownership stake.
Toronto-based asset manager Fairfax, led by value investor Prem Watsa, is backing Wittington’s investment by paying US$2.3-billon for a 50-per-cent stake in Boots. Wittington will have operating control of the chain.
Galen Weston, chairman of Wittington and Loblaw and CEO of holding company George Weston Ltd. WN-T, will become the chair of Boots after the acquisition closes.
In the United Kingdom, Boots is the market leader, with 51,000 employees, a strong brand and stores located close to 80 per cent of the population.
“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,” Mr. Weston said in a press release on Wednesday.
The Boots acquisition is expected to close in the first quarter of 2027.
Fairfax’s Mr. Watsa said in a press release: “For many years, the Westons have grown and developed some of the most successful retain brands in Canada, including pharmacy and beauty, and we are confident Wittington will be an excellent steward of the Boots business.
In Canada, Fairfax owns retailers Sporting Life Group and Sleep Country as part of a $110-billion investment portfolio.
Boots chief executive officer Alex Baldock said in a press release the company plans to deepen its customer relationships under its new owners.
“For all of our social impact and commercial success to-date, the opportunity ahead is even greater,” Mr. Baldock said. “I look forward to making the most of that opportunity and building a world-class Boots.”
Through Wittington, the Weston family controls publicly-listed Canadian grocery giant Loblaw Companies Ltd. L-T, parent to Shoppers Drug Mart, and privately hold luxury retailer Holt Renfrew.
Boots, like Shoppers, has a massive customer loyalty program with 17 million members and the new owners plan to invest in this part of the business. Loblaw’s PC Optimum loyalty program has 18 million members and is considered the strongest domestic brand in the sector.
In 2022, Wittington sold British department store chain Selfridges for approximately $6.9-billion after successfully turning around the business.
Boots was founded in 1849 in Nottingham, England as herbalist store, selling alternatives to traditional medicines. The founder, John Boot, turned over control to his son, who bult a retailer that dominates high street across the UK.
Mr. Pessina has been an investor in Boots for two decades. In a press release, he said: “We are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage.”