The family controlling Canada’s largest pharmacy and grocery chains is expanding its business by acquiring U.K. drugstore Boots. Wittington Investments, the Weston family holding company, announced on Wednesday the purchase of Boots for $8.9 billion US (approximately $12.7 billion Cdn), including debt, from private equity firm Sycamore Partners.

In addition to Boots’s retail operations in the U.K. and Ireland, Wittington will also gain control of its operations in Thailand, franchised businesses, optical division, and No7 Beauty Company. Toronto-based holding company Fairfax Financial Holdings Ltd. will collaborate with Wittington on the acquisition. Galen Weston is set to become Boots’s chairman post-acquisition, with Wittington taking over operational control.

In a statement, Weston expressed his admiration for Boots as a longstanding business with a trusted reputation in the U.K. and Ireland. He sees an opportunity to enhance the business further through long-term ownership, increased investment, and a renewed focus on customer service.

Boots, a prominent retailer in Britain, shares similarities with Shoppers Drug Mart, a Canadian pharmacy chain associated with the Westons. The Westons are renowned in Canada for their involvement in building Loblaw Companies Ltd., George Weston Ltd., and owning luxury department store Holt Renfrew. They also have a stake in Associated British Foods, the parent company of various brands.

The potential return of Boots to Canada following the acquisition remains uncertain. If Boots were to re-enter the Canadian market, it could pose as a competitor to Shoppers Drug Mart, which operates approximately 1,350 stores across Canada.

With around 1,800 locations, Boots garnered interest from the Westons when rumors of the acquisition surfaced. Analysts viewed the deal favorably, citing the Weston family’s expertise in retail pharmacy as a valuable asset for Boots’s future success.

As part of the acquisition agreement, Sycamore Partners, along with Stefano Pessina and his family, will continue to own The Boots Group’s interests in certain businesses. Stefan Kaluzny, managing director of Sycamore Partners, praised Boots’s management team and employees for their dedication, highlighting a promising future for the company.