US private equity firm Platinum Equity has acquired the Australian and New Zealand arm of Staples, for an undisclosed sum.
Like rival operations Staples has developed a significant – although simple – printing section in its stores, of which there are 32 across Australia and New Zealand.
One of its rivals Officemax – which also offer print and print management - is next in line to be purchased by Platinum Equity in the next couple of weeks, it has 11 stores in Australia.
The transaction is expected to close in the second calendar quarter of 2017. Following the transition to the 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.
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Darren Fullerton, president ANZ, Staples says this is an incredibly exciting opportunity for the business, the suppliers and the customers.
"For some time, we have been focused on reshaping and repositioning our business, building long term plans and reviewing strategic options for Staples Australia and New Zealand — options that will deliver long-term sustainable growth and ongoing benefits to our customers.
"Platinum Equity will add a 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. We also acknowledge that with this change, Staples, Inc. can now sharpen its strategic focus on North America where it is building a clear vison for growth. This change of ownership represents a positive step in our history as we strive to be the partner of choice for every product, service, and solution that our customers need," he says.
Shira Goodman, CEO and president, Staples says, “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.”
Adam Cooper, principal at Platinum Equity says, “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 market 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.”
Staples is a supplier of business products, services and solutions in Australia and New Zealand.
Platinum Equity is a global private equity firm, with offices in every continent. It focuses on business operations with more than 20 years’ experience acquiring and operating businesses that have been part of large corporate entities.
It owns a majority stake in Sensis, an Australian directories company acquired from Telstra.