May 18, 2020
Office Depot Europe, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA completed the divestment of Office Depot Nordics to CEO Frank Egholm in a family-office backed Management Buy-Out transaction.
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, the announcement said. 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 three leading players in its core market, Sweden.
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.
Frank Egholm and the management team are said to be excited to take on the next chapter in Office Depot Nordic’s growth and have great plans for the future. Entering an MBO transaction is a firm testament of the parties’ confidence in the strength and profitability of the business, the company said.
“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,” said Frank Egholm.
Office Depot Europe exited its CEE (Central Eastern European) business in November 2019. The exit of Office Depot’s Nordics division follows the same strategic rationale, the company explained, freeing resources to allow Office Depot Europe to focus on its stronghold European e-commerce centric business activities.
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