Private equity firm Platinum Equity has agreed to sell Winc New Zealand in order to complete its acquisition of OfficeMax NZ.
In November 2017, the Commission joined Complete Office Supplies’ High Court injunction proceedings to prevent Platinum Equity acquiring OfficeMax.
Platinum Equity and OfficeMax had not applied for clearance and the Commission was concerned the acquisition would lessen competition in the supply of stationery and office products to large corporate and government customers.
Platinum completed its acquisition of the Australian and New Zealand divisions of Winc, formerly known as Staples, in April 2017 for an undisclosed sum.
Winc and OfficeMax both supply office products to commercial and government customers, with both offering a range of cleaning and janitorial supplies.
Under new ownership Winc rebranded in August 2017. The new name, a creative take on ‘work incorporated’, was at the time said to be part of a wider transformation strategy by Platinum Equity.
Platinum Equity has provided an undertaking to the Commission and the court committing to divest Winc to a purchaser approved by the Commission once Platinum Equity acquires OfficeMax.
Proceedings will remain before the court until Platinum Equity has completed the divestment.