Staples’ Australia and New Zealand divisions have been sold to global private equity firm Platinum Equity for an undisclosed sum, with the office supplies company set to rebrand locally following the sale.
Staples is a leading supplier of business products, services and solutions in Australia and New Zealand. Staples also stocks a range of cleaning supplies including bins, rubbish bags, cleaning chemicals, cleaning cloths and sponges, cleaning equipment, paper products and dispensers.
Shira Goodman, CEO and president, Staples, Inc, said: “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.”
“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, 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.
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.
Adam Cooper, principal at Platinum Equity, said: “The Staples business in Australia and New Zealand has extraordinary potential as a standalone enterprise.”
“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 optimise the company’s digital and systems capabilities with a focus on enhancing the customer experience.”
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.
The transaction is expected to close in the second calendar quarter of 2017.