Wittington Investments Signs Agreement to Acquire Boots

• Wittington Investments, Limited, the holding company of the Weston family based in Canada, has entered into a definitive agreement with Sycamore Partners and the Pessina family to acquire Boots
• Weston group brings deep expertise in pharmacy-led retail excellence
• Fairfax Financial is partnering with Wittington on the acquisition, with Wittington having operational control
• Transaction brings long-term ownership and capital to build on Boots’ position as the leading pharmacy and health and beauty retailer in the UK and Ireland

TORONTO and LONDON, Oct. 7, 2026 /PRNewswire/ — Wittington Investments, Limited (“Wittington”), the holding company of the Weston family based in Canada, today announced that it has entered into a definitive agreement with The Boots Group to acquire Boots and its associated businesses, which are majority owned by Sycamore Partners, in partnership with Stefano Pessina and his family. The total purchase consideration is USD $8.9 billion, including assumed debt.

Under the terms of the agreement, Wittington will acquire Boots’ retail operations in the UK and Ireland; Boots Opticians; and No7 Beauty Company; and its Thailand and franchised businesses (collectively, “Boots”). Sycamore Partners, in partnership with Stefano Pessina and his family, will retain ownership of The Boots Group’s other interests in Farmacias Benavides and Alliance Healthcare Deutschland.

“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,” said Alex Baldock, Chief Executive Officer of Boots. “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.”

The Weston group brings deep expertise developed over decades across retail, pharmacy and beauty, anchored by owning and operating Canada’s leading businesses in these sectors. Loblaw Companies Limited is one of North America’s most successful retail enterprises. The company, with 2,800 locations, owns Shoppers Drug Mart, Canada’s largest pharmacy, health and beauty business. Wittington’s longstanding connection to the UK includes its past ownership of Selfridges from 2003-2021, during which time it transformed the iconic department store chain into a globally recognized retail destination defined by exceptional customer service and immersive experiences. 

Fairfax Financial Holdings Limited (“Fairfax”), a Toronto-based holding company, is partnering with Wittington on the acquisition, with Wittington having operational control upon close. Fairfax, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and associated investment management, with relevant portfolio investments in the consumer retail sector, such as Sleep Country (Canada’s largest mattress retailer and owner of Simba Sleep in the UK), and The Sporting Life Group (a Canadian specialty retail platform focused on premium sports).

For over 177 years, Boots has been at the heart of communities providing the best of care to customers and patients as their first choice for health and beauty.  Wittington plans to continue to invest to build on Boots’ strengths and potential, including upgrading stores, optimizing the online experience and supporting the expansion of healthcare services available to customers.

Upon closing, Galen Weston, Chairman of Wittington, will become Chairman of Boots.

“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,” said Galen Weston. “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. We are delighted to partner with Fairfax, which brings an extensive track record of long-term investing in leading retail brands, and shares our conviction in Boots’ future.”  

“We are very pleased to partner with Galen Weston and the Wittington team to acquire Boots, a leading historic brand in the UK and Ireland,” said Prem Watsa, Chairman and Chief Executive Officer of Fairfax. “For many years, the Westons have grown and developed some of the most successful retail brands in Canada, including in pharmacy and beauty, and we are very confident that Wittington will be an excellent steward of the Boots business and a terrific partner to Fairfax.”

“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,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “This transaction is a testament to the work they have done and the incredibly bright future ahead.”

“Boots is an iconic brand and a British institution,” said Stefano Pessina. “It has been one of the privileges of my and Ornella’s life to have been so closely associated with Boots over the last 20 years. We are delighted to be passing on a thriving Boots to strong and reliable owners who understand the value of its great heritage. Our best wishes go with them as they lead Boots into its next chapter, and our sincere thanks go to all on the Boots’ team who helped us deliver so much over the past 20 years!”

The transaction is subject to certain regulatory approvals and the satisfaction of customary closing conditions and is expected to close in the first quarter of 2027.

About Wittington Investments, Limited

Wittington Investments, Limited is the private holding company for the Canadian-based Weston family. It is the controlling shareholder of George Weston Limited – and through it, Loblaw Companies Limited and Choice Properties. With more than 2,800 locations, Loblaw is Canada’s largest grocery retailer and owns Shoppers Drug Mart, the nation’s largest pharmacy, health and beauty business. Choice Properties, Canada’s largest Real Estate Investment Trust (REIT), has a portfolio comprised of approximately 700 high-quality properties across three strategic asset classes, including 44.6 million square feet of necessity-based retail. 

About Fairfax Financial Holdings Limited

Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York founded in 2011. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $14 billion of assets under management, Sycamore Partners’ investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information, visit www.sycamorepartners.com.

About The Boots Group

The Boots Group includes pharmacy-led health and beauty retail businesses globally, along with a pharmaceutical wholesale operation in Germany. Through trusted brands, including Boots, No7 Beauty Company and Farmacias Benavides, the company focuses on helping people look and feel their best by delivering convenient high-quality healthcare and retail services. The Boots Group’s pharmaceutical wholesale business in Germany operates under the Alliance Healthcare Deutschland and GEHE brands, and supports over 11,000 pharmacies nationwide through modern logistics and digital healthcare services.

Advisors 

CIBC Capital Markets Inc. (“CIBC”) and Morgan Stanley Canada Limited are acting as lead financial advisors, and RBC Capital Markets and Barclays are also acting as financial advisors to Wittington with Skadden, Arps, Slate, Meaher & Flom LLP and A&O Shearman serving as legal advisors. CIBC and Morgan Stanley Senior Funding, Inc. are acting as lead arrangers and providing the acquisition financing.

UBS Investment Bank and Rothschild & Co. are acting as lead financial advisors to The Boots Group. J.P. Morgan, Citi, Deutsche Bank Securities Inc. and Goldman Sachs are acting as financial advisors to The Boots Group. Davis Polk & Wardwell LLP is serving as legal advisor to The Boots Group.

MEDIA CONTACTS: Wittington Investments, Limited, Emma Black, FGS Global – UK Enquiries, +44 7827 939 041, [email protected]; Jasmine Lagundzija, Teneo – Canadian Enquiries, +1 (519) 217-1245, [email protected]; The Boots Group, James Murgatroyd and Jack Shelley, FGS Global, +44 20 7251 3801, [email protected]; Sycamore Partners, Michael Freitag and Arielle Rothstein, Joele Frank, Wilkinson Brimmer Katcher, +1 212 355 4449, [email protected]

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