In October this year, Staples, Inc. completed
the sale of its “Staples Printing Systems Division” business (a European
operation), which was acquired by CoBe Capital, a private equity firm based in
New York City. At the time of the sale,
this “division” was generating sales in the neighborhood of 225 million
Euros.
the sale of its “Staples Printing Systems Division” business (a European
operation), which was acquired by CoBe Capital, a private equity firm based in
New York City. At the time of the sale,
this “division” was generating sales in the neighborhood of 225 million
Euros.
This deal
was reported by a number of different news outlets and by Staples and by CoBe
Capital, so today’s blog-post isn’t new news.
Quite frankly, when I first saw the news about the deal, I was going to
look at it, when I got around to doing that, but I simply forgot to do that.
was reported by a number of different news outlets and by Staples and by CoBe
Capital, so today’s blog-post isn’t new news.
Quite frankly, when I first saw the news about the deal, I was going to
look at it, when I got around to doing that, but I simply forgot to do that.
When I first
saw the news about this deal, I “thought that” Staples Printing Systems
Division offered printing services. But,
when I finally got around to looking back at this transaction, I realized that
Staples Printing Systems Division did not offer printing services, but, rather,
offered (and, under CoBe Capital’s ownership, still
does offer) printing systems (and parts, and repairs, and software.)
saw the news about this deal, I “thought that” Staples Printing Systems
Division offered printing services. But,
when I finally got around to looking back at this transaction, I realized that
Staples Printing Systems Division did not offer printing services, but, rather,
offered (and, under CoBe Capital’s ownership, still
does offer) printing systems (and parts, and repairs, and software.)
Reportedly, Staples first purchased the
company (which,
today, is approximately 150 years old,)
in 2010. So, Staples owned this company
for less than three years. I don’t
know how much Staples paid for this company, nor do I know how much Staples
sold the company for. Staples decided to sell this company
because it was determined, by Staples’
management team, that the company did not fit with Staples’ “core business.”
company (which,
today, is approximately 150 years old,)
in 2010. So, Staples owned this company
for less than three years. I don’t
know how much Staples paid for this company, nor do I know how much Staples
sold the company for. Staples decided to sell this company
because it was determined, by Staples’
management team, that the company did not fit with Staples’ “core business.”
THE BIG QUESTION: What
was Staples’ management team thinking when it decided to purchase this company
in the first place??? Where was the
fit??? Staples is, and has long been,
the world’s largest retailer and distributor of office supplies, and Staples
also offers copy/print services and sells technology products. But, why in the world did Staples buy a
company that sells printing systems?
Was this simply a good example of “a distraction” that happens when
everyone is scrambling to figure out how to get through a recessionary
period? Having had some experience with
acquisitions in the past, I know that it can be fun, if not exciting, to be on
the hunt and to do deals. But, at the
end of the day, deals have to make sense.
This was one of those deals that made no sense at all. Belatedly, I congratulate Staples’ management
team for exiting the printing systems
business. Now, if Staples could only
find a way “to really get involved” in the Print & Copy business.
was Staples’ management team thinking when it decided to purchase this company
in the first place??? Where was the
fit??? Staples is, and has long been,
the world’s largest retailer and distributor of office supplies, and Staples
also offers copy/print services and sells technology products. But, why in the world did Staples buy a
company that sells printing systems?
Was this simply a good example of “a distraction” that happens when
everyone is scrambling to figure out how to get through a recessionary
period? Having had some experience with
acquisitions in the past, I know that it can be fun, if not exciting, to be on
the hunt and to do deals. But, at the
end of the day, deals have to make sense.
This was one of those deals that made no sense at all. Belatedly, I congratulate Staples’ management
team for exiting the printing systems
business. Now, if Staples could only
find a way “to really get involved” in the Print & Copy business.
If you care to read about the business that CoBe Capital acquired from
Staples, here we go….
Staples, here we go….
About the The
Printing Systems Division (source: website of CoBe Capital)
Printing Systems Division (source: website of CoBe Capital)
Printing Systems Division
provides a full suite of print services and software solutions, including
equipment, maintenance and workflow applications, and is well known for
representing Heidelberg, Kodak, 3M, HP, Adobe, Agfa and Canon.
provides a full suite of print services and software solutions, including
equipment, maintenance and workflow applications, and is well known for
representing Heidelberg, Kodak, 3M, HP, Adobe, Agfa and Canon.
Headquartered in
Amsterdam, The Netherlands, Printing Systems Division is a leading provider of
printing solutions to commercial and industrial printers in Europe. With a
tradition spanning over 150 years, the business has a strong presence in
Western European markets, and physical presence in Benelux, Spain, Italy and
Greece. Printing Systems Division is an official business partner for
Heidelberg since 1927.
Amsterdam, The Netherlands, Printing Systems Division is a leading provider of
printing solutions to commercial and industrial printers in Europe. With a
tradition spanning over 150 years, the business has a strong presence in
Western European markets, and physical presence in Benelux, Spain, Italy and
Greece. Printing Systems Division is an official business partner for
Heidelberg since 1927.
Each market is serviced
through a local subsidiary:
through a local subsidiary:
Plantin and Grafimat
(Belgium) BTI-Hellas (Greece) Macchingraf and Auxilia (Italy) Tetterode (The
Netherlands) Hartmann (Spain)
(Belgium) BTI-Hellas (Greece) Macchingraf and Auxilia (Italy) Tetterode (The
Netherlands) Hartmann (Spain)
Key Facts (about The
Printing Systems Division) (source: website of CoBe Capital)
Printing Systems Division) (source: website of CoBe Capital)
Leading provider of
offset and digital machines, spare parts, consumables and services to the
European graphics industry
offset and digital machines, spare parts, consumables and services to the
European graphics industry
Established in 1851, and
owned by Staples since 2008 Presence in Western European markets (Benelux,
Spain, Italy and Greece)
owned by Staples since 2008 Presence in Western European markets (Benelux,
Spain, Italy and Greece)
Each market is served
through a local subsidiary, including subsidiaries based in Belgium (Plantin
and Grafimat), Greece (BTI-Hellas), Italy (Macchingraf and Auxilia), the
Netherlands (Tetterode) and Spain (Hartmann)
through a local subsidiary, including subsidiaries based in Belgium (Plantin
and Grafimat), Greece (BTI-Hellas), Italy (Macchingraf and Auxilia), the
Netherlands (Tetterode) and Spain (Hartmann)
For over 80 years, the
official distributor for Heidelberg, the #1 manufacturer of offset printers
globally
official distributor for Heidelberg, the #1 manufacturer of offset printers
globally
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Printing Systems Division
has ~500 employees
has ~500 employees
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