Staples Sells European Business to Cerberus Capital
Staples reports that it’s completed its sale to Cerberus Capital Management Staples will retain a 15 percent equity interest in the business, which has been separated into a privately held company operating under the name Staples Solutions B.V. (“Staples Solutions”). Staples’ European business consists of retail, contract, and online businesses in 17 countries generating annual sales of approximately €1.7 billion.
Staples Chief Executive Officer and President Shira Goodman commented: “With the close of this deal, Staples’ global customers with a European presence will have their business needs met through the comprehensive services Staples Solutions will offer, while we will be able to fully devote our resources to growing our business in North America.”
Steven F. Mayer, co-head of Global Private Equity and senior managing director of Cerberus commented: “We see great value in Staples Solutions and are confident that the company’s core strengths, when combined with an unwavering commitment to its customers and suppliers and Cerberus’ hallmark operational rigor, will strengthen Staples Solutions’ position as the leading provider of workplace products, services, and solutions to small, mid-sized, and large businesses in Europe. We have spent months getting to know the company and working side-by-side with its management team and its associates. Today, we are even more enthusiastic about our strategy to invest in key growth areas designed to improve the company’s competitiveness, position it for long-term sustainable growth, and capture opportunities that emerge from changes in the workplace products industry.”
As previously announced, upon today’s closing, Olof Persson, an executive with Cerberus’ operations team and the former president and CEO of Volvo Group, will become chairman of Staples Solutions.
Other board members will include:
- Stassi Anastassov, former president and CEO of Global Duracell, The Procter & Gamble Company
- John Buchta, senior vice president, Tax and Treasurer of Staples
- Chan W. Galbato, CEO of Cerberus Operations and Advisory Company
- Steven F. Mayer, co-head of Global Private Equity and Senior Managing Director of Cerberus Capital Management, L.P.
- Peter Ventress, former CEO of Berendsen plc., International President of Staples, and CEO of Corporate Express NV
- November 2016: Staples’ New Owner Hilco to Shutter Staples’ Stores in U.K.
- July 2016: Taylor Completes Acquisition of Staples Print Solutions; Staples to Shutter More Stores in North America
- July 2016: Staples Reportedly Considering Leaving U.K. after Failed Office Depot Merger
- June 2016: Staples Launches ‘Staples Rush’ Same-Day Delivery Service
- May 2016: Staples, Office Depot Call Off Merger in Wake of U.S. District Court Ruling
- December 2015: FTC Sues to Block Staples’ Acquisition of Office Depot
- December 2014: Staples Now Offering HP’s Instant Ink Ink-Cartridge Subscription Program
- March 2014: Staples to Shutter 255 Office-Supply Stores Across North America