Staples A/NZ buyer snaps up local OfficeMax business
- 24 April, 2017 16:30
Platinum Equity is set to bolster its office retail standing in the local market after inking a deal to acquire Office Depot’s OfficeMax business in Australia and New Zealand.
The US-based private equity investment firm bought the Australian and New Zealand business of fellow office products retailer, Staples, along with its IT services operations, earlier this year.
The private equity group’s latest deal remains subject to regulatory approval in each country, but is expected to close within the next “several months”.
Financial terms were not disclosed.
“We are pleased to provide Office Depot a divestiture solution that meets the company’s needs,” said Platinum Equity principal, Adam Cooper.
“We look forward to working with the OfficeMax management team to continue improving the company’s offering, enhancing the customer experience and driving sustainable growth.”
It remains to be seen whether the acquisition will see OfficeMax undergo a re-brand in the local market, as was the case with Platinum Equity’s previous acquisition of the Staples business in the A/NZ region from that company’s parent organisation in the US.
It was announced at the time of that acquisition that, following the transition to new ownership, the divested Staples A/NZ business was slated to continue to operate under the Staples brand locally for a short period of time while a new corporate brand was created.
Staples A/NZ CEO, Darren Fullerton, told ARN at the time that the acquisition represented an “incredibly exciting opportunity” for the company’s business, suppliers and customers.
“Platinum Equity will add value to our business and shares our strategic vision and passion to create a high performing business in Australia and New Zealand that will increasingly meet our customers’ evolving needs,” he said.
Platinum Equity 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.
It is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund.