News

CoBe Capital announces the completion of its acquisition of AxiSource from Office Depot (NYSE: ODP)

September 30th, 2009
AxiSource is a Canadian business-to-business office supplies distribution company.
AxiSource is a Canadian business-to-business office supplies distribution company.
AxiSource is headquartered in Toronto, Canada.
AxiSource is headquartered in Toronto, Canada.

Toronto, Ontario, Canada – CoBe Capital announces today it has acquired the Canadian Business Solutions Division from Office Depot (NYSE: ODP). CoBe Capital renamed the business AxiSource upon close. Terms of the transaction were not disclosed.

AxiSource is a Canadian business-to-business office supplies distribution company with annual revenue of more $50 million.

“I’m pleased to welcome AxiSource into the CoBe Capital family.  We've worked very hard over the last half year -- often hand-in-hand with Office Depot's Corporate Development team -- to complete this transaction,” said Neal Cohen, Founder and Managing Director at CoBe Capital.”

CoBe Capital plans to appoint Thomas R. Carré, a senior executive with over 30 years business experience in B2B office supplies distribution, media products and printed material, as President of AxiSource.  Mr. Carré most recently served as Chief Executive Officer of Lyreco, the third largest B2B office supplies distribution in Canada, and grew the business by 60% over a nine-year period.

“We have expended considerable time getting to know and understand the industry and believe we can add lots of value to AxiSource,” added Neal.

Timothy Dunn and Yosef Adler of Minden Gross Grafstein & Greenstein LLP served as legal advisers to CoBe Capital on the acquisition of AxiSource.

About AxiSource

AxiSource is a Canadian business-to-business office supplies distribution company headquartered in Toronto, Ontario, Canada. AxiSource delivers a full assortment of every-day office supplies, as well as more robust items like furniture and printers. Its infrastructure team provides back-end data center services as well. For more information on AxiSource, please visit AxiSource.ca.

About CoBe Capital

CoBe Capital, a global private investment firm with a permanent capital base and operations in North America and Europe, delivers M&A solutions to meet the specific needs of corporate sellers looking to divest non-core operations. CoBe Capital owns and operates a diversified portfolio of companies that design, manufacture and market innovative products and services. Each of its portfolio companies strives to achieve long-term growth based on lean and continuous improvement business philosophies. CoBe Capital was founded by Neal Cohen in 1994. For more information on CoBe Capital, please visit cobecapital.com.

About Office Depot

Office Depot, Inc. (NYSE: ODP) is a global supplier of office products and services. The company was incorporated in 1986 with the opening of its first retail store in Fort Lauderdale, Florida. An S&P 500 company, Office Depot generates revenues of over US $14 billion annually and has 42,000 employees worldwide. It is headquartered in Boca Raton, Florida. For more information on Office Depot, please visit officedepot.com.