Joele Frank is handling Sycamore Partners’ $6.9B cash bid for Staples, the embattled office supply chain.
The offer follows last year’s collapse of Staples plan to merge with competitor Office Depot. A federal judge blocked that transaction.
Sycamore, a private equity firm that owns retailers such as Talbots and the Limited, views Staples as an “iconic brand.”
Stefan Kaluzny, managing director, praised Staples for its “winning strategy, and dedicated and passionate associates who are deeply focused on the customer.”
The Framington, MA-based chain posted a 4.9 percent drop in first-quarter revenues to $4.2B. It registered a $815M net loss due to a $920M charge for discontinued operations outside of North America. Staples has more than 1,500 outlets in the US and Canada.
CEO Shira Goodman has launched a push in the “Pro Categories” (furniture, breakroom supplies, technology, promotional products) to offset cutthroat completion in the office supply sector from key players like Amazon, Walmart, Target and Costco.
Joele Frank’s Michael Freitag and Arielle Rothstein handle IR duties for Sycamore.
Joele Frank represents LXP Industrial Trust as the logistics giant agrees to be acquired by Brookfield Asset Management and the Canada Pension Plan Investment Trust for $5.2B in cash.
Jenn Kettnich, who has more than 15 years of financial communications experience, has joined Liftoff Mobile as VP-investor relations following completion of its recent IPO.
Joele Frank handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
