Staples Inc. (SPLS)

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Cerberus completes Staples Europe acquisition
Steve Hilleard, 28 February 2017

Cerberus Capital Management and Staples have completed the sale of a controlling interest in Staples' European operations to a Cerberus affiliate.

Cerberus Capital Management and Staples have completed the sale of a controlling interest in Staples’ European operations to a Cerberus affiliate.
Staples will retain a 15% equity interest in the business, which has been separated into a privately-held company operating under the name Staples Solutions BV and which consists of retail, contract, and online businesses in 17 countries with total annual revenues of about €1.7 billion ($1.8 billion).

Heading up the new entity as Chairman will be former Volvo CEO Olof Persson, an executive with Cerberus’ operations team.

He is joined on the board by someone familiar with Staples Europe and to OPI readers. Peter Ventress, whose most recent executive role was as CEO of Berendsen, enjoyed a long career in office products which culminated in him serving as President of Staples International in 2008/9.

Also joining the board are:
Stassi Anastassov, former CEO of Global Duracell
John Buchta, Senior VP, Tax and Treasurer of Staples
Chan Galbato, CEO of Cerberus Operations and Advisory Company
Steven Mayer, Co-Head of Global Private Equity and Senior Managing Director of Cerberus Capital Management

Mayer 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 rigour, 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."
We’ll bring your more insight into this story shortly.
Framingham, MA and New York, NY (USA)
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