FRAMINGHAM, Mass. & LOS ANGELES--(BUSINESS WIRE)--Mar. 13, 2017--
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
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.
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 Equity
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170313006387/en/
Source: Staples, Inc.
Mark Cautela, 508-253-3832