LOS ANGELES (February 6, 2018) — Platinum Equity announced today it has completed the acquisition of the OfficeMax business in Australia from Office Depot (NASDAQ:ODP). Financial terms were not disclosed.
Platinum Equity also confirmed that over time it intends to bring together the OfficeMax business in Australia with Winc Australia, the former Staples business that Platinum Equity acquired in April 2017 and subsequently rebranded.
“The combination of Winc and OfficeMax in Australia will create a business that can offer greater value, more choice and a better customer experience,” said Adam Cooper, principal at Platinum Equity. “We will bring together the best of both companies, creating an innovative enterprise under the Winc brand.”
Winc CEO Darren Fullerton said teams from Winc, OfficeMax and Platinum Equity will work together to ensure a seamless transition.
“I am excited about the opportunity to leverage the strengths of both businesses and create something that is truly greater than the sum of our parts,” said Mr. Fullerton. “This represents another important step in the transformation and growth of our business.”
Platinum Equity’s proposed acquisition of the OfficeMax business in New Zealand is still pending, subject to approval by the New Zealand High Court.
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 is a global investment firm with $13 billion of assets under management and a portfolio of more than 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 200 acquisitions.