Private equity firm Platinum Equity has signed a definitive agreement acquiring the Australian and New Zealand arm of OfficeMax from current owner Office Depot.
OfficeMax has 11 stores in Australia, offering print and print management in each location, as well as office supplies. Its print activities are wide ranging, ranging from business cards to direct mail, promotional items and outdoor media. Most print is outsourced to the trade.
Platinum Equity bought OfficeMax competitor, Staples last month for an undisclosed sum, it has 32 stores across Australia and New Zealand with a print department in each store. The new deal gives it ownership of two of the three big office supplies companies in Australia. Rival Officeworks is owned by Westfarmers.
[Related: Equity firm in talks to acquire OfficeMax]
All three brands have been heavily promoting their print activities in recent years, with some products produced in store but most outsourced.
Platinum Equity says the transaction is subject to regulatory approval in each country and is expected to close within the next several months. The financial terms were not disclosed.
Adam Cooper, principal, Platinum Equity says, “We are pleased to provide Office Depot a divestiture solution that meets the company’s needs. 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.
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 already owns a majority stake in Sensis, an Australian directories company acquired from Telstra.