Platinum Equity to Acquire Staples’ Business in Australia and New Zealand
March 13 2017 - 05:30PM
Business Wire
Staples, Inc. (NASDAQ: SPLS) and Platinum Equity today announced
a definitive agreement under which Platinum Equity will acquire
Staples’ business in Australia and New Zealand for an undisclosed
sum. The transaction is expected to close in the second calendar
quarter of 2017.
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Staples is a leading supplier of business products, services and
solutions in Australia and New Zealand. The company serves a
diverse variety of customers, ranging from small-and-medium
businesses to large enterprises, including federal, state and
territory levels of government in both countries.
“As we execute our plan for long-term growth we want to focus
primarily on our Staples’ North American business, and this will
allow us to better do that,” said Shira Goodman, Chief Executive
Officer and President, Staples, Inc. “Working with Platinum, we
believe the Australian and New Zealand businesses will be well
positioned for the future, ultimately helping our customers and
associates succeed.”
Platinum Equity is a leading global private equity firm with a
highly specialized focus on business operations and more than 20
years’ experience acquiring and operating businesses that have been
part of large corporate entities. Earlier today the firm announced
the closing of Platinum Equity Capital Partners IV, a $6.5 billion
global buyout fund focused on acquiring businesses that can benefit
from Platinum’s operational and financial resources.
Platinum Equity, which has portfolio company operations on all
seven continents, has been actively pursuing investment
opportunities in Australia and New Zealand and currently owns a
majority stake in Sensis, an Australian directories business
acquired from Telstra.
“The Staples business in Australia and New Zealand has
extraordinary potential as a standalone enterprise,” said Adam
Cooper, principal at Platinum Equity. “It has a strong customer
base, dedicated employees and a long history in the markets it
serves. We look forward to partnering with the management team to
make substantial investments to optimize the company’s digital and
systems capabilities with a focus on enhancing the customer
experience.”
Following the transition to new ownership, the divested business
will continue to operate under the Staples brand in Australia and
New Zealand for a short period of time while a new corporate brand
is created.
Morgan Stanley is acting as exclusive financial advisor to
Staples. Corrs Chambers Westgarth is acting as legal advisor to
Staples. Baker McKenzie is acting as legal advisor to Platinum
Equity.
About Staples, Inc.Staples
helps business customers make more happen by providing a broad
assortment of products, expanded business services and easy ways to
shop – in stores, online via mobile or through social apps. Staples
Business Advantage, the business-to-business division, caters to
mid-market, commercial and enterprise-sized customers by offering a
one-source solution for the products and services they need,
combined with best-in-class customer service, competitive pricing
and a state-of-the-art ecommerce site. Headquartered outside of
Boston, Staples, Inc. operates throughout North and South America,
and Asia. More information about Staples (NASDAQ: SPLS) is
available at www.staples.com.
About Platinum EquityFounded
in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a
global investment firm with more than $11 billion of assets under
management and a portfolio of approximately 30 operating companies
that serve customers around the world. The firm is currently
investing from Platinum Equity Capital Partners IV, a $6.5 billion
global buyout fund. Platinum Equity specializes in mergers,
acquisitions and operations – a trademarked strategy it calls
M&A&O® – acquiring and operating companies in a broad range
of business markets, including manufacturing, distribution,
transportation and logistics, equipment rental, metals services,
media and entertainment, technology, telecommunications and other
industries. Over the past 20 years Platinum Equity has completed
more than 185 acquisitions.
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version on businesswire.com: http://www.businesswire.com/news/home/20170313006387/en/
Staples, Inc.Media Contacts:Mark Cautela,
508-253-3832mark.cautela@staples.comorDan Whelan,
310-282-9202dwhelan@platinumequity.com
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