Weston family to acquire Boots for £6.74bn
Canada’s Weston family, who previously owned Selfridges, is to acquire health and beauty retailer Boots for $8.9 billion (£6.74 billion).
Wittington Investments, the holding company of the family, has entered into a definitive agreement with The Boots Group to acquire Boots and its associated businesses. The Boots Group is majority owned by Sycamore Partners in partnership with Stefano Pessina and his family.
Subscribe to TRBThe purchase will include Boots’ retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses.
Sycamore Partners, in partnership with Pessina and his family, will retain ownership of The Boots Group’s other interests in Farmacias Benavides and Alliance Healthcare Deutschland.
Alex Baldock, chief executive of Boots, said: “Boots matters. Every day, our colleagues give millions of people longer, healthier and happier lives.
“Those customers and patients trust in Boots’ unmatched authority, capability and leadership across health, wellness and beauty. I’ve seen enough already of our colleagues’ passion and expertise to understand why they do.
“For all of our social impact and commercial success to-date, the opportunity ahead is even greater. I look forward to making the most of that opportunity and building a world class Boots for our colleagues, customers, patients, and communities.”
Wittington chairman Galen Weston, who will become chairman of Boots, said: “Boots is one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland.
“We have great respect for Boots’ legacy and leading market position. 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.”
The Weston family owns the Loblaw supermarket chain in Canada and Shoppers Drug Mart, the country’s largest pharmacy, health and beauty business. The family owned Selfridges from 2003 to 2021.
The acquisition of Boots is being backed by investment firm Fairfax, whose portfolio includes Sleep Country, Canada’s largest mattress retailer and owner of Simba Sleep in the UK, and The Sporting Life.
Wittington said it will continue building on Boots’ strengths and potential through the upgrading of stores, optimisation of the online experience and the expansion of healthcare services available to customers.
Stefan Kaluzny, managing director of Sycamore Partners, said: “One year ago, we re-established Boots as a standalone company, allowing its management team and more than 50,000 colleagues to focus solely on their business and customers. This transaction is a testament to the work they have done and the incredibly bright future ahead.”
The UK branch of the Weston family owns Fortnum & Mason and Primark parent company Associated British Foods.
