King & Wood Mallesons (KWM) London has advised European private equity group AURELIUS Equity Opportunities SE & Co. KGaA subsidiary Office Depot Europe on the sale of its larger contract customers business and assets in the UK and Ireland to strategic buyer OT Group. Completion of the sale is expected in the near future
OT Group is a leading provider of business and workplace solutions across the UK and Ireland. As part of the sale, larger mid-market, major and public sector contract customers of Office Depot Europe will be integrated into OT Group.
The transaction is part of Office Depot Europe’s ongoing transformation, following Office Depot Europe’s overall strategy of focusing on its e-commerce-centric trading brand Viking in its core European countries of DACH, Benelux, UK and Ireland, where it benefits from a strong and leading position.
Since late 2019, Office Depot Europe has sold five non-core businesses, including their Central Eastern European business, their Nordic business, their Spanish contract business, and their Italian business.
The KWM London team was led by London Corporate Partner Barri Mendelson as well as Employment Partner David Wilman, Real Estate Partner John Danahy, Senior Associate Jenny Wilcock, Senior Associate Nick Impey and Associate Jonathan Forrest.
Commenting on the sale, Raffael Reinhold, CEO of Office Depot Europe said:
“We are pleased to have entered into this agreement with OT Group. This transaction will further accelerate our strategic transformation whilst ensuring continuity of service for our UK and Ireland contract customers.”
Commenting on the transaction, London Corporate Partner, Barri Mendelsohn said:
“It was a complex deal covering many commercial, legal and practical issues and we are delighted to play our role in securing this outcome for Aurelius. Following on our work with Office Depot in Spain we hope to have the opportunity to continue to work with Aurelius and Office Depot across our European platform.”
Prior to this transaction, KWM Madrid led by Partner Germán Cabrera advised on the sale of the Spanish direct business unit of Office Depot Europe, to strategic buyer Bruneau Spain, a subsidiary of the French Bruneau Group and also on the dale of the Office Depot Spain contract business unit to French Company Lyreco, a provider of office supplies headquartered in Marly, France