CoBe Capital acquires the Staples Printing Systems Division from Staples (NASDAQ: SPLS)
Amsterdam, The Netherlands – CoBe Capital, a global private investment firm focused on operation of non-core and underperforming business units, announced today it has acquired the Staples Printing Systems Division from Staples (NASDAQ: SPLS). Terms of the transactions were not disclosed, and the division will be renamed in the near future.
Headquartered in Amsterdam, The Netherlands, the Printing Systems Division has a history of more than 150 years in providing complete printing solutions to commercial and industrial printers, resulting in established brands and leading market share across active European markets. 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). The 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. Recently, the division also launched a special concept for 3D printing, digital services, inkjet printing, new technology solutions and entry into adjacent segments expected to drive growth. In total, the Printing Systems Division employs nearly 500 people and generates approximately 225 million euros in annual revenue.
CoBe Capital's operational focus and long-term business growth objectives led Staples to choose CoBe Capital as a strategic partner for the business. CoBe Capital now has business with operations in France, Germany, Austria, Slovenia, Belgium, Greece, Italy, the Netherlands and Spain, in addition to satellite office in: Paris, France; Cologne, Germany and Madrid, Spain.
Wouter van Dijk, President of Printing Systems Division commented, "When we learned about CoBe Capital and its strategy and vision, we knew that it fit perfectly with our own strategy and that of many of our customers. The fact that they hold investments for the long term is a strong benefit. It enables us to further extend our search for new possibilities and markets for both our customers and our own companies."
Neal Cohen, CoBe Capital's Founder and Managing Director, stated, "We look forward to working closely with management and elevating Printing Systems Division by leveraging our operational expertise."
Dr. Henning Walf, CoBe Capital’s Managing Director for Northern Europe, stated, “We worked very hard with management, Staples and advisers to craft a transaction that addressed many complexities. We are certain that our operations team will be of great value to Printing Systems Division.”
Dr. Walf and Dr. Knuth Schmidt will work closely with the existing management teams at Printing Systems Division to strengthen the company’s operational and financial fundamentals, as well as drive expansion across Europe and into other markets around the world. The business will be renamed in the near future.
About Printing Systems Division
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 strong presence in Western European markets, and physical presences in Benelux, Spain, Italy and Greece. Printing Systems Division is an official partner of Heidelberg since 1927. Previously owned by Staples, Printing Systems Division has worldwide revenue of 225 millions euros and employs nearly 500 people.
About CoBe Capital
CoBe Capital, a global private investment firm with a permanent capital base, specializes in the acquisition and operation of non-core and underperforming business units in the Americas and Europe from leading global corporations. CoBe Capital owns and operates a diversified portfolio of companies and strives to achieve long-term growth based on lean management and continuous improvement business philosophies. CoBe Capital was founded by Neal Cohen in 1994. For more information on CoBe Capital, please visit cobecapital.com.