Menu
Staples A/NZ buyer snaps up local OfficeMax business

Staples A/NZ buyer snaps up local OfficeMax business

Platinum Equity has inked a deal to acquire OfficeMax in Australia and New Zealand

Platinum Equity is set to bolster its office retail standing in the local market after inking a deal to acquire Office Depot’s OfficeMax business in Australia and New Zealand.

The US-based private equity investment firm bought the Australian and New Zealand business of fellow office products retailer, Staples, along with its IT services operations, earlier this year.

The private equity group’s latest deal remains subject to regulatory approval in each country, but is expected to close within the next “several months”.

Financial terms were not disclosed.

“We are pleased to provide Office Depot a divestiture solution that meets the company’s needs,” said Platinum Equity principal, Adam Cooper.

“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.”

It remains to be seen whether the acquisition will see OfficeMax undergo a re-brand in the local market, as was the case with Platinum Equity’s previous acquisition of the Staples business in the A/NZ region from that company’s parent organisation in the US.

It was announced at the time of that acquisition that, following the transition to new ownership, the divested Staples A/NZ business was slated to continue to operate under the Staples brand locally for a short period of time while a new corporate brand was created.

Staples A/NZ CEO, Darren Fullerton, told ARN at the time that the acquisition represented an “incredibly exciting opportunity” for the company’s business, suppliers and customers.

“Platinum Equity will add value to our business and shares our strategic vision and passion to create a high performing business in Australia and New Zealand that will increasingly meet our customers’ evolving needs,” he said.

Platinum Equity is a global investment firm with more than $11 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world.

It is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags officeStaplesOfficeMaxPlatinum Equity

Featured

Slideshows

Malwarebytes shoots the breeze with channel, prospects

Malwarebytes shoots the breeze with channel, prospects

A Kumeu, Auckland, winery was the venue for a Malwarebytes event for partner and prospect MSPs - with some straight shooting on the side. The half-day getaway, which featured an archery competition, lunch and wine-tasting aimed at bringing Malwarebytes' local New Zealand and top and prospective MSP partners together to celebrate recent local successes, and discuss the current state of malware in New Zealand. This was also a unique opportunity for local MSPs to learn about how they can get the most out of Malwarebytes' MSP program and offering, as more Kiwi businesses are targeted by malware.

Malwarebytes shoots the breeze with channel, prospects
EDGE 2019: Channel forges new partnerships during evening networking

EDGE 2019: Channel forges new partnerships during evening networking

Partners, vendors and distributors reconnected during a number of social gatherings during EDGE 2019. The first evening saw the channel congregate for a welcome party at the Hamilton Island yacht club, while the main poolside proved to be the perfect stop for a barbecue on the final night.

EDGE 2019: Channel forges new partnerships during evening networking
Show Comments