Canada's billionaire Weston family has agreed to buy Boots for $8.9bn (£6.7bn) from US private equity firm Sycamore Partners and the Pessina family, marking a significant ownership change for the 177-year-old British pharmacy and retail chain.
Wittington Investments, the Weston family holding company, confirmed the deal on Wednesday. The purchase includes Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses. Completion is set for early 2027.
Boots currently operates approximately 1,800 stores and employs 51,000 people. Its most recent annual results showed £7.5bn in sales, a 3.2% increase on 2024. The chain has faced challenges from rivals and changing shopping habits, including reduced footfall as workers shifted to home-based arrangements. Hundreds of branches have closed in recent years.
The Weston family brings substantial retail experience. The Canadian family owns grocery chain Loblaws and pharmacy business Shoppers Drug Mart. They previously owned London's Selfridges from 2003 to 2021, selling it for $4bn. A separate UK branch of the Weston family holds majority ownership of Associated British Foods, parent firm of Primark. The family ranked fifth on this year's Sunday Times Rich List with a combined fortune of almost £19bn.
Galen Weston, who will become Boots chairman, stated the new owners 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." Plans include shop upgrades and expansion of healthcare services.
Retail expert Catherine Shuttleworth, chief executive of Savvy Marketing, said shoppers would see little immediate change but could "expect over time an improved shopping experience as the new owners invest in the business." She identified health and beauty as a "massive area for growth."
Sycamore Partners owned Boots for only 18 months. Shuttleworth noted the frequent ownership changes had been "an unhelpful distraction" for the business.
Wittington will have operational control and holds partnership with Fairfax Financial Holdings, a Toronto-based holding company. Sycamore Partners and the Pessina family retain ownership of The Boots Group's Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany.