Staples Inc. (NASDAQ: SPLS), Framingham, MA, has agreed to sell controlling interest of its European operations to an affiliate of private equity firm Cerberus Capital Management LP. Terms were not disclosed.
Staples’ European business consists of retail, contract and online businesses in 16 countries generating aggregate annual sales of approximately €1.7 billion (US$1.8 billion). Staples is retaining a 15 percent equity interest in the business and will be represented on its board of directors following the closing of the transaction.
“One of our top strategic priorities has been to narrow our geographic focus on North America, and this is an important step toward simplifying our operations and better positioning Staples for sustainable long-term growth,” said Shira Goodman, CEO and president of Staples. “We believe that working with Cerberus will help enable the future success of the Staples Europe business, benefiting our associates and customers in the region."