Canada’s Weston family has agreed to acquire UK pharmacy and healthcare retailer Boots from private equity firm Sycamore Partners and the Pessina family in a deal valued at $8.9bn, according to Private Equity Wire.
Transaction parties and valuation
Wittington Investments, the Weston family’s holding company, will take control of Boots’ UK and Ireland retail operations, Boots Opticians, No7 Beauty Company, and the retailer’s Thailand and franchised businesses, according to Private Equity Wire.
The transaction is expected to complete in the first quarter of 2027 and will see Wittington take operational control, according to Private Equity Wire.
Toronto-based holding company Fairfax Financial Holdings is partnering on the acquisition, according to Private Equity Wire.
Scope of assets and retained businesses
Sycamore Partners and the Pessina family will retain ownership of The Boots Group’s other businesses, including Farmacias Benavides and Alliance Healthcare Deutschland, according to Private Equity Wire.
Operating footprint and leadership
Boots operates more than 1,800 stores and employs over 50,000 people across the UK and Ireland, according to Private Equity Wire.
Galen Weston, chairman of Wittington, will become chairman of Boots, according to Private Equity Wire.
Galen Weston said the group saw an opportunity to build on the retailer’s established brand and market position, according to Private Equity Wire.
The British branch of the Weston family is the majority shareholder of Associated British Foods, the owner of Primark, according to Private Equity Wire.
Investment plans and Sycamore background
The Westons plan to invest in Boots’ physical stores, improve its digital offering, and support further expansion of its healthcare services, according to Private Equity Wire.
Sycamore acquired Walgreens Boots Alliance in a $10bn take-private transaction in March 2025, according to Private Equity Wire.
