Cerberus backs spinout of Staples' European branch for €50m

As part of the transaction, the GP has acquired an 85% stake in the European retail, contract and online business operations of Staples for €50m.

The Cerberus-owned newco will ink a licensing agreement with Staples for the use of certain intellectual property, including use of brands, for a defined period. It will also operate under the Staples brand as well as other European sub-brands.

The deal saw Staples retain a 15% stake in the European business and will nominate a representative to the company's board. Olof Persson, executive at Cerberus and former chairperson and CEO at Volvo Group, will be appointed executive chair at the business.

Under the GP's tenure, the company will look to expand across Europe, as well as increasing its range of products and services.

Company
Founded in 1986, Staples is a retailer of products including, stationery and basic tech products, as well as printing and copying supplies. Headquartered in Amsterdam, Staples' European branch operates across 16 countries and generated €1.7bn in 2016, according to a statement.

People
Cerberus Capital Management – Steven Mayer (senior managing director).
Staples – Shira Goodman (chairperson, CEO).

Advisers
Equity – Kirkland & Ellis (legal); Linklaters (legal).
Vendor – Barclays (M&A), Clifford Chance (legal).

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