Amsterdam, Netherlands – 4 August 2021
Staples Solutions earlier this week finalized the sale of its last remaining business in Europe, the Benelux press release. 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 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”, says 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 €1.7B 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 organizations, 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. ”
About Staples Solutions
Staples Solutions used to operate wholly-owned businesses across 17 countries in Europe and provided solutions across 50 countries. An independent company since 2017, Staples Solutions divested its operations completely in the first half of 2021. Our operations continue under new ownership of leading industry players. So, no matter where you are, our former colleagues are always nearby to help to meet the diverse needs of the workplace of today and tomorrow. You can learn more about Staples Solutions at www.staples.eu.
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