Cerberus Capital Management Completes Acquisition of Staples’ European Operations
28 February 2017 - 6:00PM
Business Wire
Staples, Inc. (NASDAQ: SPLS) and Cerberus Capital Management,
L.P. (“Cerberus”) today announced the completion of the sale of a
controlling interest in Staples’ European operations to a Cerberus
affiliate. Staples, Inc. 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
aggregate annual sales of approximately €1.7 billion.
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“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,” said Shira Goodman, Chief Executive Officer and
President, Staples, Inc.
“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,” said Steven
F. Mayer, Co-Head of Global Private Equity and Senior Managing
Director of Cerberus. “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. Additional board members will include:
- Stassi Anastassov, former President and
Chief Executive Officer of Global Duracell, The Procter &
Gamble Company
- John Buchta, Senior Vice President, Tax
and Treasurer of Staples, Inc.
- Chan W. Galbato, Chief Executive
Officer of Cerberus Operations and Advisory Company, LLC
- Steven F. Mayer, Co-Head of Global
Private Equity and Senior Managing Director of Cerberus Capital
Management, L.P.
- Peter Ventress, former Chief Executive
Officer of Berendsen plc., International President of Staples,
Inc., and Chief Executive Officer of Corporate Express NV
About Staples, Inc.Staples helps
business customers make more happen by providing a broad assortment
of products, expanded business services and easy ways to shop – in
stores, online via mobile or through social apps. Staples Business
Advantage, the business-to-business division, caters to mid-market,
commercial and enterprise-sized customers by offering a one-source
solution for the products and services they need, combined with
best-in-class customer service, competitive pricing and a
state-of-the-art ecommerce site. Headquartered outside of Boston,
Staples, Inc. operates throughout North and South America, Asia,
Australia and New Zealand. More information about Staples (NASDAQ:
SPLS) is available at www.staples.com.
About Cerberus Capital Management,
L.P.Established in 1992, Cerberus Capital Management, L.P.
is one of the world’s leading private investment firms. Cerberus
has more than US $30 billion under management invested in three
complementary strategies: operational private equity; global credit
opportunities (including non-performing loans, corporate credit and
distressed debt, mortgage securities and assets, and direct
lending); and real estate. From its headquarters in New York City
and network of affiliate offices in the U.S., Europe and Asia,
Cerberus has the on-the-ground presence to invest in multiple asset
classes globally.
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version on businesswire.com: http://www.businesswire.com/news/home/20170227006716/en/
Staples, Inc.Mark Cautela,
508-253-3832mark.cautela@staples.comorCerberus Capital Management, L.P.Liz Micci,
646-495-2700emicci@gpg.com
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