LOS ANGELES, CA--(Marketwired - April 18, 2017) - Platinum Equity announced today it has signed a definitive agreement to acquire the OfficeMax business in Australia and New Zealand from Office Depot (NASDAQ: ODP).
The transaction is subject to regulatory approval in each country and is expected to close within the next several months. Financial terms were not disclosed.
"We are pleased to provide Office Depot a divestiture solution that meets the company's needs," said Adam Cooper, principal at Platinum Equity. "We look forward to working with the OfficeMax management team to continue improving the company's offering, enhancing the customer experience and driving sustainable growth."
Platinum Equity is a leading global private equity firm with a highly specialized focus on business operations and more than 20 years' experience acquiring and operating businesses that have been part of large corporate entities.
Baker McKenzie, Bell Gully, and Greenwoods & Herbert Smith Freehills are serving as legal counsel to Platinum Equity.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity (www.platinumequity.com) is a global investment firm with more than $11 billion of assets under management and a portfolio of approximately 30 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund. Platinum Equity specializes in mergers, acquisitions and operations -- a trademarked strategy it calls M&A&O® -- acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 22 years Platinum Equity has completed more than 185 acquisitions.