Wells Fargo Led $2.2 Billion in Multiple Asset-Based Credit Facilities for Acquisition of Staples, Inc. by Affiliates of Syca...
September 12 2017 - 4:45PM
Business Wire
Wells Fargo Capital Finance, part of Wells Fargo & Company
(NYSE:WFC), announced they acted as administrative agent,
bookrunner, and syndication agent for several separate asset-based
credit facilities totaling $2.2 billion in connection with the
overall financing for the acquisition of Staples Inc. by affiliates
of Sycamore Partners, which was completed today. The facilities
supported the separate capitalization of Staples North American
Delivery, Staples U.S. Retail and Staples Canada Retail.
Sycamore Partners, a private equity firm that specializes in
retail and consumer product investments, announced at the end of
June that it had agreed to acquire Staples, Inc.
“This was a rewarding deal to work on for Wells Fargo and
especially those of us who are based in Boston. We all remember
when Staples opened its first store here in Massachusetts. Being
able to complete such an important financing for Sycamore Partners,
which will allow them the financial flexibility to make strategic
business decisions to support Staples’ long-term growth, is a great
accomplishment for our team,” said Lynn Whitmore, managing director
of the Retail Finance division at Wells Fargo Capital Finance.
About Staples, Inc.
Staples brings technology and people together in innovative ways
to consistently deliver products, services and expertise that
elevate and delight customers. Staples is in business with
businesses and is passionate about empowering people to become true
professionals at work. Headquartered outside of Boston, Mass.,
Staples, Inc. operates primarily in North America. More information
about Staples (NASDAQ: SPLS) is available at www.staples.com.
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York
specializing in consumer and retail investments. The firm has more
than $3.5 billion in capital under management. The firm's strategy
is to partner with management teams to improve the operating
profitability and strategic value of their businesses. The firm's
investment portfolio currently includes Belk, Coldwater Creek, EMP
Merchandising, Hot Topic, MGF Sourcing, NBG Home, Nine West
Holdings, Talbots, The Limited and Torrid.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain
asset-based lending services, senior secured lending services,
accounts receivable and purchase order finance services, and
channel finance services of Wells Fargo & Company and its
subsidiaries, and provides traditional asset-based lending,
specialized senior and junior secured financing, accounts
receivable financing, purchase order financing and channel finance
to companies across the United States and internationally.
Dedicated teams within Wells Fargo Capital Finance provide
financing solutions for companies in specific industries such as
retail, software and hi-tech, healthcare, commercial finance,
staffing, government contracting and others. For more information,
visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,500 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 271,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20170912006774/en/
MediaTrisha Schultz,
314-875-3863Trisha.schultz@wellsfargo.com@trishschultzWF
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