Deal Announcement 10/21: Retail & Consumer

The Deal

The PwC M&A team is pleased to announce the successful sale of Office Depot Europe / Viking  by AURELIUS Equity Opportunities (“AURELIUS”) to strategic buyer RAJA Group (“RAJA”).

Office Depot Europe was acquired by AURELIUS in 2017 as a carve-out from US-based Office Depot, Inc. Since then, AURELIUS made extensive investments in the company’s e-commerce activities which resulted in a strategic realignment of Office Depot Europe focussing on Viking as a strong e-commerce player generating almost 90% of revenues online. Over the past three years, significant parts of the business have been sold to strategic buyers securing their sustainable future and development under new ownership. The sale to RAJA, whereby the share purchase agreement was signed in August 2021 and closed in November 2021, completes this disposal process.

Office Depot Europe

Office Depot Europe helps create great workspaces for everyone, everywhere as a leading expert in workplace solutions. The company operates in multiple countries and works closely with some of the world’s biggest brands to the smallest start-ups, and everything in between. Office Depot Europe has decades of experience and expertise and offers an integrated, omni-channel platform and dedicated professionals across the main channels and brands: Office Depot and Viking. The company provides its customers with expertise in workplace supplies, technology, writing & machines, facilities, furniture & presentation, paper, labels & envelopes, filing & solutions and general office supplies & mailing.

AURELIUS

AURELIUS is a pan-European investment group with offices in Munich, London, Stockholm, Madrid, Amsterdam and Luxembourg. Since its foundation in 2006, AURELIUS has grown from a local turnaround investor to an international multi-asset manager. Key investment platforms are its AURELIUS European Opportunities IV fund as well as listed AURELIUS Equity Opportunities SE & Co. KGaA (“AEO”; ISIN: DE000A0JK2A8), which acquire corporate carve-outs and companies with development potential in the mid-market (fund) and lower mid-market sector (AEO). The investment strategy’s core element is operational support of its portfolio companies with a team of about 100 in-house operating taskforce experts.

RAJA

RAJA is the European leader in the multi-channel distribution of supplies and equipment for businesses. With 24 companies operating in 18 countries, RAJA offers the largest selection of packaging supplies in Europe as well as a complete range of handling, storage and industrial equipment, office supplies and furniture, janitorial and sanitary supplies, safety and security products, as well as retail equipment. The Group companies serve one million customers, from small start-ups to large multinationals, across all sectors of activity: distribution, industry, e-commerce, services, and public sector. A French, independent and family-owned company founded in 1954, RAJA prides itself on the high quality of its products, the expertise and proximity defining its services, and on the relationship of trust with its customers. Headquartered in Roissy near Paris, France, RAJA employs 3,000 people, and aims to achieve a turnover of 1 billion 120 million euros in 2021.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 280,000 people in 157 countries. Our global network comprises over 1,600 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

PwC M&A Germany acted as exclusive financial advisor to AURELIUS on this transaction. The transaction was led by Alexander von Friesen (Partner) and supported by Lukas Filippinetti (Senior Associate) and Sebastian Leker (Senior Associate).