Office Depot Europe has sold its Italian business to strategic buyer Bruneau
- Fourth sale of an Office Depot business completed in the past 18 months
- Sale will focus Office Depot Europe on its core European markets and e-commerce-centric activities
- Second sale of an Office Depot entity to Bruneau Group following the sale of the Spanish direct business in summer 2020
- Office Depot Italy is a leading distributor in the Italian market, with more than 70,000 customers
Venlo, March 22, 2021 – Office Depot Europe has sold its Italian business to strategic buyer Bruneau Group. French Bruneau Group is a leading B2B e-commerce company for office supplies and equipment headquartered near Paris, France. Office Depot Europe will hereby completely exit the fragmented Italian market. Financial details have not been disclosed.
The sale of the Italian business unit is part of Office Depot Europe’s ongoing transformation, following Office Depot Europe’s overall strategy of focusing on its core Central European markets and e-commerce-centric business. It is the fourth sale of a non-core Office Depot business to be completed in the past 18 months. Office Depot Europe sold its Central Eastern European business in November 2019, its Nordic division in May 2020, and its Spanish contract business and direct business units in the summer of 2020.
This transaction is already the second sale of an Office Depot entity to French Bruneau Group following the sale of its Spanish direct business in summer 2020. Today, Office Depot Italy has 70,000 customers and is one of the largest players in a fragmented Italian market. Despite the ongoing corona crisis Office Depot Italy was able to increase its product and service portfolio successfully by developing Personal Protective Equipment and Hygiene & Cleaning segments. By concentrating on its core competencies of merchandising and marketing & sales, Office Depot Italy was able to increase both its revenues and earnings.
Bruneau will further develop the business, integrating it into its existing platform. Nicolas Potier, Bruneau’s CEO: “We’re delighted to be able to take on the Office Depot Italy business and integrate its customers and infrastructure into our existing business. The Office Depot Italy portfolio and customers complement ours and we are committed to continuing to develop the business and offer its customers continued excellent service and high-quality products within Bruneau.”
Office Depot Europe was advised by PwC (M&A Advisory) and KL Gates (Legal).