Asia Biz News - Asian Business News and Tenders
Platinum Equity to Buy Staples' Australia, New Zealand Divisions
March 16, 2017
Platinum Equity, an investment firm in California, is acquiring the businesses of Massachusetts-based office supply giant Staples in Australia and New Zealand.
Staples is a leading supplier of business products, services and solutions in Australia and New Zealand.
The company serves a diverse variety of customers, ranging from small-and-medium businesses to large enterprises, including federal, state and territory levels of government in both countries.
Shira Goodman, CEO and president of Staples, said as they execute their plan for long-term growth they want to focus primarily on their Staples’ North American business, and that the transaction with Platinum Equity will allow them 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,” added Goodman.
The transaction is expected to close in the second calendar quarter of 2017.
Platinum Equity is a leading global private equity firm with a highly specialized focus on business operations and more than 20 years’ experience acquiring and operating businesses that have been part of large corporate entities.
Earlier the firm announced the closing of Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund focused on acquiring businesses that can benefit from Platinum’s operational and financial resources.
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.
Adam Cooper, principal at Platinum Equity, said the Staples business in Australia and New Zealand has extraordinary potential as a standalone enterprise.
“[Staples] 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 optimize the company’s digital and systems capabilities with a focus on enhancing the customer experience,” said Cooper.
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.
Copyright: North America Procurement Council, Inc. PBC