Office Depot Europe divests its Nordics business
Venlo, May 14, 2020 – Office Depot Europe completed the divestment of Office Depot Nordics to CEO Frank Egholm in a family-office backed Management Buy-Out transaction. The business, also servicing other Nordic markets as well as its core business in Sweden, is set to benefit from further growth due to its strong market position and solid financing.
A successful transformation lays the foundation for the MBO
Office Depot Europe’s decision to divest its business in Sweden and the wider Nordics region comes after a successful transformation of the business since its acquisition by AURELIUS in January 2017. Since then, Office Depot’s Nordics business has expanded its product and service offerings, its retail channel has been integrated into a multi-channel approach, and the business has continued to foster its position among the top 3 leading players in its core market in Scandinavia.
The goal is to become a market leader
Frank Egholm and the management team are excited to take on the next chapter in Office Depot Nordic’s growth and have great plans for the future, involving the continued digitalisation, product innovation and increased focus on servicing customers across all channels. Entering a MBO transaction is a firm testament of the parties’ confidence in the strength and profitability of the business.
“I’m truly excited to have this opportunity because Office Depot Nordic is a fantastic company. We have come a long way the past few years, but there is still a great potential for evolving the business further. This change will fuel our ambitions of becoming an even more successful player in the Swedish market, and this deal marks an important milestone for us all in achieving that goal. We already have a great team in place to take us there. Our employees are our best asset and we as a management team are ready for the challenge. I’m very pleased to be a part of Office Depot Nordics’ future, says Frank Egholm”.
Divestment of Nordics division follows the earlier divestment of the CEE division
Office Depot Europe exited its CEE (Central Eastern European) business in November 2019. The transaction also followed a successful transformation, positioning Office Depot CEE as the local market leader with a wide array of B2B products and services.
The exit of Office Depot’s Nordics division follows the same strategic rationale, freeing resources to allow Office Depot Europe to focus on its European ecommerce centric business activities.
Continuity for our partners
The change of ownership will not affect the business with international customers or vendors. There is a cooperation agreed between Office Depot Europe and Office Depot Nordics, to ensure continued support and seamless deliveries to the customers.
About Office Depot Nordics
Office Depot Nordics has its nucleus in Sweden. Together with the involvement of partners, it is also servicing customers in Norway, Denmark and Finland. With its 450 employees it is one of Sweden’s largest office suppliers covering the Nordics. Office Depot Nordics provide business supplies and services to help their customers work better and become more productive and efficient at work – regardless of their workplace. They are a single source supplier of the latest technology, core office supplies, print, and document services, business services, facilities products, furniture, and school essentials.