On Tuesday, September 12, privately traded Sycamore Partners announced that it has officially completed its acquisition of Staples, Inc. (NASDAQ:$SPLS).
“We are pleased to have completed this transaction and look forward to partnering with CEO Shira Goodman and the Staples management team as we seek to increase long-term profitability,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “With the support of its dedicated associates, Staples is well-positioned to leverage its iconic brand and leading competitive position to drive even greater value for its business-to-business and retail customers in the U.S. and Canada.”
“We are excited about the tremendous opportunities ahead for the Company and our talented associates,” said Shira Goodman, Chief Executive Officer and President, Staples, Inc. “We look forward to benefiting from Sycamore Partners’ retail and wholesale experience as we work together to deliver exceptional products, services and expertise that enable businesses to work better.”
It is important to mention that, due to the completion of the merger, the common stock of Staples will not be listed for trading on Nasdaq anymore.
Need some brushing up on the two companies? Here’s a little bit of background for you!
Sycamore Partners is a private equity firm headquartered in New York. The firm specializes in consumer and retail investments, and they have more than $3.5 billion in capital under management. Staples, on the other hand, brings technology and people together in creative and innovative ways to deliver products, services, and expertise. The retail company is headquartered outside of Boston, and primarily operates in North America.
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