With Platinum Equity reportedly eyeing OfficeMax, is consolidation in the works for the office-supplies space?
Baker McKenzie has acted for Platinum Equity in acquiring Staples Australia and New Zealand.
The acquisition of the Australasian operation from its US parent, Staples Inc., is the private equity’s second successful acquisition in Australia, and the first investment outside the US under its new US$6.5bn Fund IV, a global buyout fund that closed on 13 March. Platinum Equity bought a 70% controlling stake in Sensis from Telstra in 2014, a deal Baker McKenzie also worked on.
The acquisition may bode for consolidation in the office-supplies space, as the Los Angeles, Calif.-based private equity reportedly has OfficeMax in its sights, the AFR said. The industry is worth A$10bn a year in Australia.
Craig Andrade, Baker McKenzie head of equity capital markets and lead partner on the deal, said that the deal to acquire Staples Australia and New Zealand was done quickly.
“Within 10 days, we were able to negotiate all transaction documents, complete all due diligence and put in place Warranty & Indemnity insurance,” he said.
Andrade was assisted by a multidisciplinary team comprised of Tyson May, Adrian Lawrence, Caitlin Whale, Matthew De Cataldo, Ivo Basoski, Jessie Bodor, Lawrence Mendes, Jo Grange, Bryony Binns, Kerryn Kahler, Georgina Foster, David Jones, Sean Rush, and Jana Hitchcock.
The transaction is expected to close in the second quarter of 2017.
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The acquisition of the Australasian operation from its US parent, Staples Inc., is the private equity’s second successful acquisition in Australia, and the first investment outside the US under its new US$6.5bn Fund IV, a global buyout fund that closed on 13 March. Platinum Equity bought a 70% controlling stake in Sensis from Telstra in 2014, a deal Baker McKenzie also worked on.
The acquisition may bode for consolidation in the office-supplies space, as the Los Angeles, Calif.-based private equity reportedly has OfficeMax in its sights, the AFR said. The industry is worth A$10bn a year in Australia.
Craig Andrade, Baker McKenzie head of equity capital markets and lead partner on the deal, said that the deal to acquire Staples Australia and New Zealand was done quickly.
“Within 10 days, we were able to negotiate all transaction documents, complete all due diligence and put in place Warranty & Indemnity insurance,” he said.
Andrade was assisted by a multidisciplinary team comprised of Tyson May, Adrian Lawrence, Caitlin Whale, Matthew De Cataldo, Ivo Basoski, Jessie Bodor, Lawrence Mendes, Jo Grange, Bryony Binns, Kerryn Kahler, Georgina Foster, David Jones, Sean Rush, and Jana Hitchcock.
The transaction is expected to close in the second quarter of 2017.
Related stories:
New managing partner at Baker McKenzie Australia
Global firm tops Australia equity capital markets, optimistic on Australia
