The buyer of Stapes’ operations in Australia and New Zealand (A/NZ) has completed its acquisition of Office Depot’s OfficeMax business in Australia, revealing plans to merge the two businesses.
US-based private equity investment firm, Platinum Equity, struck a deal to acquire Staples’ trans-Tasman operations in March last year, subsequently rebranding the business as Winc.
In April 2017, Platinum Equity moved its local office retail play up a gear, inking a deal to acquire Office Depot’s OfficeMax business in both countries.
After being scrutinised by the Australian competition watchdog for several months, and despite Government approval being given for a subsequent competing acquisition bid for OfficeMax by Australia’s own Complete Office Supplies, Platinum Equity’s takeover bid was ultimately given the green light.
Now, the private equity firm has confirmed that, over time it, intends to bring together the OfficeMax business in Australia with Winc Australia, the former Staples business.
“The combination of Winc and OfficeMax in Australia will create a business that can offer greater value, more choice and a better customer experience,” said Platinum Equity principal, Adam Cooper.
“We will bring together the best of both companies, creating an innovative enterprise under the Winc brand,” he said.
According to Winc CEO, Darren Fullerton, teams from Winc, OfficeMax and Platinum Equity will work together to ensure a “seamless transition”.
“I am excited about the opportunity to leverage the strengths of both businesses and create something that is truly greater than the sum of our parts,” Fullerton said. “This represents another important step in the transformation and growth of our business.”
Meanwhile, Platinum Equity’s proposed acquisition of the OfficeMax business in New Zealand is still pending, subject to approval by the New Zealand High Court.
Financial terms of the deal have not been disclosed.