Canadian Billionaire Weston Family Buys Boots in £6.7bn Deal

Boots has been sold to Canada’s billionaire Weston family in a deal valued at $8.9bn (£6.7bn), marking another major ownership change for the historic high street pharmacy chain, bbc.com reported. Wittington Investments, the private holding company for the Weston family, partnered with Toronto-based Fairfax Financial Holdings to acquire the business. The transaction includes retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, and franchise businesses in Thailand, according to press releases reported by bbc.com, The Telegraph, The Guardian, and WBOC TV.

Weston Family and Fairfax Acquire Boots

Under the terms of the agreement, Fairfax Financial Holdings will own a 50% equity stake in Boots, while Wittington Investments will hold operational control. Galen Weston, chair of Wittington, is slated to become the chairman of Boots following the acquisition, WBOC TV reported. The deal leaves behind previous backers, as the private equity firm Sycamore Partners and Italian billionaire Stefano Pessina exit their investment after taking the company private last year, The Guardian reported.

Sycamore and Pessina will retain ownership of other international assets from The Boots Group, including Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany, according to The Telegraph. The acquisition does not include those overseas divisions. The transaction requires regulatory approval and is scheduled to close in the first quarter of 2027, The Guardian reported.

Boots Grows Sales Despite Closing Hundreds of Branches

Founded in Nottingham in 1849 by John Boot as an affordable herbalist store, the company expanded over generations into a dominant British brand offering healthcare, vaccines, eye tests, and beauty products. Jesse Boot later expanded the business to 1,000 stores by 1933, and the No7 cosmetics brand was launched in 1935, The Telegraph reported.

Despite closing hundreds of branches in recent years, leaving the chain with roughly 1,800 stores and 51,000 employees, Boots generated £7.5bn in sales during its most recent annual results, marking a 3.2% increase over 2024, bbc.com reported. Previous changes in ownership over the last two decades have included a £11.1bn buyout by Pessina and KKR in 2007—then Europe's largest—followed by Walgreens acquiring the group in 2014 and Sycamore taking it private last year, The Telegraph reported. Walgreens had previously put Boots up for sale in 2022 with a £10bn price tag before abandoning plans, while a subsequent 2024 float plan at a £7bn valuation was also dropped, The Guardian reported.

New Ownership Aims to Improve Shopping Experience

Retail expert Catherine Shuttleworth, chief executive of savvy marketing, stated that shoppers would see little immediate change in stores, but added that new ownership investment would improve the shopping experience over time in health and beauty, a massive area for growth, bbc.com reported. Shuttleworth also described the frequent changes in ownership over the past two decades as an unhelpful distraction, bbc.com reported.

Galen Weston highlighted potential opportunities for the brand under stable backing.

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.

Galen Weston

Alex Baldock, who was recruited as chief executive of Boots from electricals retailer Currys only a month prior to the announcement, is expected to remain in his role to lead the business forward, The Telegraph reported. Baldock praised the company’s workforce and customer trust, noting that colleagues provide daily support across health, wellness, and beauty, The Telegraph reported.