Staples Solutions has completed the divestment all its European operations to conclude a four-year transformation, resulting in value creation for its key stakeholders.
Staples Solutions earlier finalised the sale of its last remaining business in Europe, the Benelux organisation. With the execution of eight separate divestment transactions over the past 10 months, Staples Solutions has now completed a full exit of its operations.
Over the next few months the company said it will execute the wind-down of its residual corporate entities and final financial and legal obligations.
“With this final divestment, we have concluded a four-year transformation journey to become a vastly improved business”, said Dolph Westerbos, Chief Executive Officer at Staples Solutions.
“That turn-around resulted in better service to our B2B customers, a compelling new ecommerce capability, a re-invigorated entrepreneurial culture, and significantly stronger financial results. This made our businesses attractive to new owners, and I am particularly proud we have secured the future of our customers and employees with such strong and reputable industry players”, Westerbos continued. “Ultimately Staples Solutions’ journey has resulted in value creation value for its customers, vendor partners, employees, our shareholder, and now its new owners”.
Staples first entered the European market in 1991, growing to a €1.7 billion ($2.01 billion) business across 17 countries and over 8000 employees by 2017, when US-parent Staples Inc sold its European business to Cerberus Capital Management LP. Staples Solutions then embarked on an ambitious transformation to succeed in a market that saw over-supply and a structural decline in traditional office supplies.
The company completed most of its turn-around over a year ago, just before the onset of the corona crisis. Staples Solutions performed well despite these unprecedented circumstances, returning to operating profitability. That also created the right time for the company’s shareholder to exit, resulting in the divestment of its operations over these past months.
Westerbos expanded: “In just a few years we simplified our business to focus on contract B2B customers, created more empowered local organisations, and radically diversified our product portfolio. We made the company leaner and re-invested savings in ecommerce and customer service. We could not have done this without the unfailing support of our shareholder Cerberus, who supported the company strategically, operationally, and financially It has been a fulfilling journey that we can all look back on with pride.”
