Lyreco has signed an agreement to buy Staples Solutions’ Norwegian, Swedish, Danish, German, Austrian and Polish business units and the company said it intends to sell its remaining business units in Portugal, the Benelux and Finland.
Staples Solutions announced that it has entered into an agreement with Lyreco to sell Staples Solutions’ business units in Norway, Sweden, Denmark, Germany, Austria and Poland, as well as its central support services (including IT, eCommerce, Merchandising, Supply Chain Planning and Finance) primarily located in Poland and The Netherlands.
The intended sale is subject to completion of certain employee consultation and regulatory procedures.
“I could not be more pleased that we found such a strong match with Lyreco, a major player in our industry. Staples Solutions has been on a remarkable journey after separating from its US parent more than four years ago. We put the customer at the core of our decision making, we broadened our workspace solutions, we localised and simplified our operations; returning to profitability at the end of last year. We have become a better business and reached a natural point in our journey for this transaction. I know that our people will continue to thrive and contribute to Lyreco’s success,” said Dolph Westerbos, Chief Executive Officer at Staples Solutions.
“The Staples Solution team is a highly recognized one within our industry, and we share the same Passion for our customers. I am very much looking forward to welcoming them within our organisation to put our common energy together to deliver excellence. I am convinced that this intended acquisition will enable us to provide an even better service to customers of both our companies,” stated Greg Liénard, Chief Executive Officer at Lyreco.
In the coming months, Staples Solutions intends to also divest its remaining business units in Portugal, the Benelux and Finland. The company has engaged a number of interested parties to that effect.
Dolph Westerbos, Chief Executive Officer at Staples Solutions, expanded on the group’s journey since 2017 when Staples Inc sold its European business to create the standalone company. “Staples Solutions has undergone a radical transformation in just a few years. We changed from a centrally-driven functional organisation into a local country-based structure to better serve our customers. We simplified our business by focusing on contract B2B customers and divesting non-core units in the early years. We broadened our workspace solutions so that the majority of our revenues now derive from higher margin categories beyond traditional office supplies. We invested in customer service and ecommerce, significantly improving our customers’ experience. The relentless hard work paid off by returning the company to profitability”.
Westerbos continued: “We have created a better business and a strong entrepreneurial culture, with the unfailing support of our shareholder Cerberus at every step. With the successful completion of our transformation, now is the right time for our shareholder to exit. I am pleased that we have secured strong futures for our business units, and I am proud that our people and customers will be an asset to the great strategic players they are joining.”
