Staples sells Australian business to private investment firm Platinum Equity

Staples has sold its Australian and New Zealand business to private investment firm Platinum Equity for an undisclosed amount.

The deal is expected to close at the end of the second calendar quarter of 2017.

Staples' local business will continue to operate under its original branding for a short time until a new corporate brand is revealed.

Staples supplies business products, services and solutions to the local market. Its enterprise technology business, Staples Technology Solutions was named Lenovo's Australian partner of the year in 2016 and 2017. A Staples spokesperson confirmed that Staples Technology Solutions was included in the acquisition.

Platinum Equity is a global investment firm that owns a 70 percent stake in Telstra's directories business Sensis. Principal Adam Cooper said Staples' Australian and New Zealand business had "extraordinary potential" as a standalone business.

“It has a strong customer base, dedicated employees and a long history in the markets it serves," Cooper said.

"We look forward to partnering with the management team to make substantial investments to optimise the company’s digital and systems capabilities with a focus on enhancing the customer experience.”

Staples chief executive Shira Goodman said that the company wanted to focus primarily on its North American business.

"Working with Platinum, we believe the Australian and New Zealand businesses will be well positioned for the future, ultimately helping our customers and associates succeed," said Goodman.

Staples Australia chief executive Darren Fullerton told CRN:

"This is an incredibly exciting opportunity for our business, our suppliers and our customers. For some time, we have been focused on reshaping and repositioning our business, building long term plans and reviewing strategic options for Staples Australia and New Zealand—options that will deliver long-term sustainable growth and ongoing benefits to our customers. 

"Platinum Equity will add value to our business and shares our strategic vision and passion to create a high performing business in Australia and New Zealand that will increasingly meet our customers’ evolving needs. This change of ownership represents a positive step in our history as we strive to be the partner of choice for every product, service, and solution that our customers need."