Boots acquired for £6.7bn by Canadian billionaire family
Boots has been sold in a $8.9bn (£6.7bn) deal to Canada’s billionaire Weston Family.
The Weston family will be buying the retailer’s operations in the UK and Ireland, including Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses. Galen Weston, the chair of the acquiring holding company Wittington Investments, will become chair of Boots.
The acquisition is set be completed in early 2027.
The Weston family also owns the Canadian grocery chain Loblaws, pharmacy business Shoppers Drug Mart, and previously owned the London department store Selfridges from 2003 to 2021. The family’s separate UK branch is the majority owner of Associated British Foods, the parent firm of Primark.
The retailer was acquired from US private equity firm Sycamore Partners – which had only owned the retailer for 18 months – and the Pessina family.
Galen Weston, chair of Wittington Investments, said: “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.”
Boots was founded in 1849 by John Boot, who opened the first herbalist store in Nottingham, offering an affordable alternative to traditional medicines. The retailer has since grown to operate approximately 1,800 stores nationwide.
In its most recent annual results, the retailer generated £7.5bn in sales, a 3.2% year-on-year increase.