AURELIUS Equity Opportunities completes the sale of Office Depot Europe to strategic investor RAJA

• Carve-out and extensive realignment by AURELIUS since 2017
• Strategic country exits paved the way for the complete exit of Office Depot Europe

Munich, 2 November 2021 - AURELIUS Equity Opportunities (ISIN: DE000A0JK2A8) has completed the sale of Office Depot Europe to the strategic trade buyer RAJA (based in Roissy, France) with effect from 1 November 2021. RAJA Group is Europe's leading distributor of packaging, supplies and equipment for businesses, and a major player in the office supplies and furniture market. Financial details of the transaction were not disclosed.

Carve-out and extensive realignment by AURELIUS since 2017

Office Depot Europe was acquired by AURELIUS in 2017 as a corporate carve-out from US-based Office Depot, Inc. Since then, AURELIUS undertook extensive investment into the company's e-commerce activities and IT transformation which resulted in a strategic and operational realignment of Office Depot Europe. The focus was on the brand and business unit Viking and furthering its leading market position in the e-commerce channel, with almost 90 per cent of revenues now generated online.

Through the Viking and Office Depot brands, the company operates in several European markets in the DACH region, Benelux, the UK and Ireland and serves a customer base ranging from small start-ups to large corporations. It has many years of experience and expertise in the office supplies market, an integrated omnichannel platform and dedicated teams of experts for its key segments and brands.

Strategic country exits paved the way for the complete exit of Office Depot Europe

Over the past three years, a number of Office Depot Europe's country businesses have been sold to strategic buyers in order to secure their future and development in a sustainable way within the framework of a new ownership structure. Following the sale of its activities in Southern, Eastern and Northern Europe as well as parts of the contract business in the UK and Ireland, today's announced completion of the remaining business in North Western Europe completes our exit from Office Depot Europe.

"Following the corporate carve-out from its previous owner Office Depot Inc. we were able to strategically and operationally reposition Office Depot Europe for the future with the help of our operational experts. In total, the successful transformation delivered shareholder value through the sales of country businesses to a number of strategic buyers and we found the perfect buyer for the remaining business in North Western Europe with RAJA. A big thank you goes to the team, which has shown how we at AURELIUS successfully and consistently deal with complex situations and thereby develop an optimal solution for the future for all stakeholders," says Matthias Täubl, CEO of AURELIUS Equity Opportunities. "As part of the RAJA family, I wish Office Depot all the best for the future together."

Danièle Kapel-Marcovici, CEO of RAJA Group: "The closing of the transaction marks an important milestone. The acquisition of Office Depot Europe will strengthen our position in Europe. We are very pleased to welcome 1,500 new employees, who bring a wealth of experience and knowledge and will help us realise our strategic goal of becoming a global partner for companies - from start-ups to large multinationals - in the European office supplies market."

AURELIUS was advised on the transaction by PwC (M&A), Deloitte (financial due diligence) and Jones Day (legal).

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