Good afternoon,
There’s a global aspect to this week’s newsletter with the news that US-based Platinum Equity has got the green light to buy OfficeMax New Zealand and the French Hamelin Group has taken a controlling interest in financially-troubled Bantex.
While Platinum Equity (owner of Winc A/NZ) was always the front-runner to grab OfficeMax (given the paucity of genuine buyers), the NZ regulator’s competition concerns hampered negotiations.
Platinum Equity must be feeling fairly chuffed having secured OfficeMax on the basis of off-loading the much smaller Winc NZ business to an approved buyer (assuming one can easily be found).
One possible buyer is privately-owned New Zealand Office Supplies. The country’s largest independent office supplies company was formed following the acquisition and integration of New Zealand Office Supplies (Auckland), Astra Office Products Depot (Wellington), Astute Office Supplies (Christchurch) and Canterbury Office Supplies (Christchurch).
In August last year New Zealand Office Supplies formalised a trans-Tasman arrangement with Office Choice member Quick Corporate Australia.
As for Bantex, the arrangement with one of Europe’s largest office products suppliers has to be seen as a positive move for the local market as a whole.
Regards,
Barrie Parsons
Editor & Publisher
[email protected]
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