Winc becomes Net Xpress Procurement
| 20 June, 2019
Winc has announced that it has changed ownership and will operate under a new name, Net Xpress Procurement.
In 2017, Staples sold the Australian and New Zealand arms of its global business to Platinum Equity, a private US equity firm. Soon after, it rebranded to Winc - Work Incorporated. Then in 2018, Platinum Equity purchased Winc’s top competitor in Australia and NZ, Office Max.
The Commerce Commission was concerned the transaction would lessen competition in NZ. To reduce that concern Platinum Equity decided to sell Winc NZ.
The company is now 100% kiwi, owned by a NZ group of investors, led by majority shareholder Tom Sturgess.