News

CoBe Capital signs exclusive LOI with Office Depot to acquire Canadian office supply distribution business

May 27th, 2009
AxiSource is a Canadian business-to-business office supplies distribution company.
AxiSource is a Canadian business-to-business office supplies distribution company.

New York, New York – CoBe Capital announces today it has signed a ninety-day exclusive letter of intent with Office Depot to acquire the capital shares in Office Depot’s Canadian Business Solutions Division, a Canadian business-to-business office supplies distribution company.

CoBe Capital has partnered with industry specialist Thomas R. Carré to pursue this transaction together.  Mr. Carré is a senior executive with over 30 years business experience in B2B office supplies distribution, media products and printed material.  Mr. Carré most recently served as Chief Executive Officer of Lyerco, the third largest B2B office supplies distribution in Canada, and grew the business by 60% over a nine-year period.

Office Depot declared its Canadian Business Solutions Division as a non-core asset and has been looking for a credible buyer that will help it market to its Global Accounts.

“Our strategy to partner with industry specialists has paid off today. We are committed to focusing our M&A team to this deal and look forward to closing it in the third quarter,” said Neal Cohen, Founder and Managing Director at CoBe Capital.

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. is a global supplier of office products and services. The company was incorporated in 1986 with the opening of our 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.