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.
Trisha Schultz, 314-875-3863