(Credit: CRN)
Just a few months after being approved to bid on OfficeMax, Complete Office Supplies (COS) has acquired the Australian division of another office products supplier, Lyreco.
According to ARN, the deal “is estimated to give COS […] a valuation of about $215 million”, while Lyreco will “retain COS as a valued trust partner to service its international customers in Australia.”
The founder and CEO of COS, Dominique Lyone, who established the business 40 years ago, explained that the acquisition would “help spur its growth trajectory in the market”.
“COS is Australia’s largest and fastest growing privately owned office products supplier. We pride ourselves on the innovative ways we compete in the market, and the ways we service and provide a superior experience for our customers,” Lyone said.
‘I’ve been impressed by its operations and ability to grow and compete in the market will help the COS brand to expand into the market exponentially.”
Lyreco, which found a foothold in Australia in 2004, now has a staff of approximately 245 “and sells a similar range of products to COS”; in fact, the acquisition would “help broaden Lyreco’s product offering”.
The integration of the two businesses is forecast to take four months.
“Sharing values with a family mindset and combining Lyreco Australia and COS expertise, I am convinced COS will be a powerful player on the Australian marketplace and a strong valuable partner for Lyreco’s international customers”, Lyreco CEO, Hervé Milcent, said.
“For Lyreco customers and staff, for now it is business as usual. A detailed integration plan will be put into place making sure it is a smooth transition of customers,” Lyone said.
“Blending COS and Lyreco business and teams, will deliver synergies that will ensure we are a mighty and respected competitor in our space. Customers in Australia will be delighted that COS is a clear locally owned and operated alternative, with significant buying clout to deliver competitive prices, values added services that equal global standards.”
