Boots Sold to Weston Family in US$8.9bn Acquisition Deal

Wittington Investments has announced it has agreed to buy Boots from US private equity firm Sycamore Partners and the Pessina family.

Boots began as a herbal remedies shop in Nottingham, but has since grown into a UK high street giant and has expanded its business to sell a range of health and beauty products, food and travel accessories.

The company has performed well despite challenges brought on by rivals, new shopping trends and the global pandemic.

Discussing how the acquisition will likely impact how consumers use the outlet, Catherine Shuttleworth, CEO of Savvy Marketing, says over time, customers can expect “an improved shopping experience as the new owners invest in the business”.

The last two decades have seen several changes in Boots’s ownership.

Sycamore Partners had only owned the retailer for 18 months, and Catherine says the changing of owners had been “an unhelpful distraction”.

Expanding offerings for customers

Galen Weston, Chairman of Wittington, will assume the same position at Boots when the acquisition is completed.

He says the firm’s next owners have new plans for the chain, including shop upgrades and an expansion of its current healthcare services.

“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,” Galen says.

The Weston family will be buying Boots’s retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses. The deal is expected to be completed in early 2027.

The family – which has a combined fortune of almost US$19bn – currently owns the Canadian grocery chain Loblaw and pharmacy business Shoppers Drug Mart, and previously owned the London department store Selfridges from 2003 to 2021, before selling it for US$4bn.

Sycamore Partners, in partnership with Stefano Pessina and the Pessina family, will retain ownership of The Boots Group’s Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany.

An improving financial performance

In May, Boots announced the appointment of Alex Baldock, the former CEO of Currys, as its new chief executive in a move that fuelled speculation that Boots would again be listed in London.

Boots has faced uncertainty about its ownership over the past four years, with Walgreens first exploring a sale of the chain in 2022, drawing bids from private capital groups that failed to meet expectations.

In June, Boots reported that beauty brands and the uptake of weight-loss jabs had driven up both the firm’s retail and pharmacy sales in the UK.

The Weston family’s acquisition comes as Boots has been reporting improving financial performance.

In its most recent annual results, Boots generated £7.5bn (US$9.9bn) in sales, a 3.2% increase on 2024, while pre-tax profit rose 25% to £337m (US$444m).

Discussing his appointment and the future of Boots’s ownership last month, Alex said: “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.”

Boots’s key partners:

Microsoft
Boots partners with Microsoft as its strategic cloud provider, using Azure and Microsoft 365 to modernize retail and pharmacy services.
CEO: Satya Nadella | Headquarters: Redmond, Washington, US

Macmillan Cancer Support
Boots collaborates with Macmillan Cancer Support to train specialized healthcare staff and provide accessible, in-store cancer advice and support services.
CEO: Gemma Peters | Headquarters: London, UK

Alshaya Group
Alshaya Group serves as Boots' primary international retail franchise partner, operating and expanding Boots-branded stores across the Middle East.
CEO: John Hadden | Headquarters: Kuwait City, Kuwait