Office Depot sells Nordic operations
| 18 May, 2020
Office Depot Europe has completed the sale 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.
Office Depot Europe says that its 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.
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”.