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.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
