Staples Solutions B.V. announced on 4 May that it has divested its operations in Finland and in Portugal to buyers Wulff and Firmo respectively.
Both transactions concluded on 3 May 2021. Staples said in its announcement that Wulff and Firmo are strong industry players in Finland and Portugal and are a strategic fit to Staples’ operations.
“We believe that these transactions provide the best long term opportunity for our talented Portuguese and Finnish teams to continue to deliver the right solutions for our customers” said Dolph Westerbos, Chief Executive Officer of Staples Solutions. “I am pleased we found such excellent partners in Wulff and Firmo”.
As a result of the transaction, Wulff will become a clear market leader in Finland, doubling its net sales.
Wulff Group’s CEO Elina Pienimäki commented: “The acquisition will significantly accelerate the implementation of our growth strategy, doubling our net sales and expanding our service portfolio to our customers. We were offered the opportunity for a strategic acquisition when the current owner decided to divest all of Staples’ European businesses. With the combination of two 130-year-old companies, we will become the clear market leader in Finland, which will benefit our customers. When we combine our abilities and expertise, we are always able to offer customers up-to-date solutions for all work environments directly from one and the same supplier. I am excited that we are getting Staples Finland’s very talented team as a part of Wulff.”
The purchase price of EMO Finland Oy’s (Staples Finland) shares is approximately €6.0 million ($7.2 million) and includes approximately €0.5 million cash ($0.6 million). The purchase price was paid in cash upon execution of the transaction, Wulff said. The final purchase price will be revised by the end of September, following normal adjustments to the working capital and debt like items on 1 May 2021.
With these further transactions, Staples Solutions is progressing well on the journey to exit the business announced in March. The announced transaction with Lyreco is progressing as planned, Staples said, which leaves the company with its operations in the Benelux. A sale process is also underway to complete this final divestment.
