FRAMINGHAM, Mass. & NEW YORK--(BUSINESS WIRE)--Feb. 28, 2017--
Staples, Inc. (NASDAQ: SPLS) and Cerberus Capital Management, L.P.
(“Cerberus”) today announced the completion of the sale of a controlling
interest in Staples’ European operations to a Cerberus affiliate.
Staples, Inc. will retain a 15 percent equity interest in the business,
which has been separated into a privately-held company operating under
the name Staples Solutions B.V. (“Staples Solutions”). Staples’ European
business consists of retail, contract, and online businesses in 17
countries generating aggregate annual sales of approximately €1.7
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“With the close of this deal, Staples’ global customers with a European
presence will have their business needs met through the comprehensive
services Staples Solutions will offer, while we will be able to fully
devote our resources to growing our business in North America,” said
Shira Goodman, Chief Executive Officer and President, Staples, Inc.
“We see great value in Staples Solutions and are confident that the
company’s core strengths, when combined with an unwavering commitment to
its customers and suppliers and Cerberus’ hallmark operational rigor,
will strengthen Staples Solutions’ position as the leading provider of
workplace products, services, and solutions to small, mid-sized, and
large businesses in Europe,” said Steven F. Mayer, Co-Head of Global
Private Equity and Senior Managing Director of Cerberus. “We have spent
months getting to know the company and working side-by-side with its
management team and its associates. Today, we are even more enthusiastic
about our strategy to invest in key growth areas designed to improve the
company’s competitiveness, position it for long-term sustainable growth,
and capture opportunities that emerge from changes in the workplace
As previously announced, upon today’s closing, Olof Persson, an
executive with Cerberus’ operations team and the former President and
CEO of Volvo Group, will become Chairman of Staples Solutions.
Additional board members will include:
Stassi Anastassov, former President and Chief Executive Officer of
Global Duracell, The Procter & Gamble Company
John Buchta, Senior Vice President, Tax and Treasurer of Staples, Inc.
Chan W. Galbato, Chief Executive Officer of Cerberus Operations and
Advisory Company, LLC
Steven F. Mayer, Co-Head of Global Private Equity and Senior Managing
Director of Cerberus Capital Management, L.P.
Peter Ventress, former Chief Executive Officer of Berendsen plc.,
International President of Staples, Inc., and Chief Executive Officer
of Corporate Express NV
About Staples, Inc.
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, Asia, Australia and New Zealand. More information
about Staples (NASDAQ: SPLS) is available at www.staples.com.
About Cerberus Capital Management, L.P.
in 1992, Cerberus Capital Management, L.P. is one of the world’s leading
private investment firms. Cerberus has more than US $30 billion under
management invested in three complementary strategies: operational
private equity; global credit opportunities (including non-performing
loans, corporate credit and distressed debt, mortgage securities and
assets, and direct lending); and real estate. From its headquarters in
New York City and network of affiliate offices in the U.S., Europe and
Asia, Cerberus has the on-the-ground presence to invest in multiple
asset classes globally.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170227006716/en/
Source: Staples, Inc.
Capital Management, L.P.
Liz Micci, 646-495-2700