Staples' $500M deal for Essendant completed
Photo | Grant Welker
The Framingham headquarters of office supply retailer Staples.
Staples' acquisition of a wholesale office supplier for $500 million has been finalized.
The deal was announced Thursday by New York private equity firm Sycamore Partners, the Staples parent company that closed on the deal for Illinois-based Essendant.
Staples and Essendant will work together to give reseller customers access to an expanded product line and the company's broader supply chain. The two companies' sales teams will operate separately, Sycamore said.
Ric Phillips, the Essendant President and CEO, will step aside, Sycamore said. He will be replaced by Harry Dochelli, who was most recently Essendant's president of office and facilities.
Under Sycamore, Essendant and Staples are joined by other retailers including Coldwater Creek, Hot Topic, Nine West, Talbots and The Limited. Staples was taken private by Sycamore in September 2017 in a $6.9-billion deal.
Federal Trade Commission approval of the acquisition had been delayed by the federal government shutdown, Phillips had warned to investors earlier this month.
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