M&A Deal Summary

HarbourVest Partners and Sycamore Partners Acquires Staples

On June 28, 2017, private equity firms HarbourVest Partners and Sycamore Partners acquired retail company Staples, Inc. for 6.9B USD

Acquisition Highlights
  • This is HarbourVest Partners’ 5th and Sycamore Partners’ 7th transaction in the Retail sector.
  • This is HarbourVest Partners’ 9th and Sycamore Partners’ 1st largest (disclosed) transaction.
  • This is HarbourVest Partners’ 96th and Sycamore Partners’ 12th transaction in the United States.
  • This is HarbourVest Partners’ 8th and Sycamore Partners’ 2nd transaction in Massachusetts.

M&A Deal Summary

Date 2017-06-28
Target Staples, Inc.
Sector Retail
Buyer(s) HarbourVest Partners
Sycamore Partners
Deal Type Going Private
Deal Value 6.9B USD
Advisor(s) Barclays Investment Bank
Morgan Stanley (Financial)
Wilmer Cutler Pickering Hale and Dorr LLP (Legal)

Target

Staples, Inc.

Framingham, Massachusetts, United States
website
Staples' corporate headquarters in Framingham, Massachusetts.
Staples' corporate headquarters in Framingham, Massachusetts.
Staples is a large office supply retailer. Staples sells and distributes a variety of office products for consumers as well as small to large companies around the world. Staples was formed in 1985 and is based in Framingham, Massachusetts.

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Buyer(S) 2

Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 160 of 224
Sector (Retail) 5 of 5
Type (Going Private) 21 of 27
State (Massachusetts) 8 of 9
Country (United States) 96 of 132
Year (2017) 7 of 13
Size (of disclosed) 9 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-20 Investment Metrics LLC

Norwalk, Connecticut, United States

Investment Metrics is a provider of investment performance analytics and reporting solutions for institutional consultants, asset managers, and private wealth advisors. Built by institutional investment consultants for investment professionals, the company’s solutions include PARis (performance analytics and reporting), InvestWorks (manager search and due diligence), EQuest (manager data portal), peer universe data, outsourced reporting services and InterSec Research for market intelligence. The company's solutions enable investment professionals to analyze, measure, and report client portfolios in a highly insightful, accurate, and efficient manner. Investment Metrics was formed in 2010 and is based in Norwalk, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-18 Lightower Fiber Networks LLC

Boxborough, Massachusetts, United States

Lightower Fiber Networks LLC is a fiber network and broadband service provider in the Northeast, offering over 4,600 fiber route miles coupled with comprehensive transport, alternative access, and nationwide long haul services.

Sell $7.1B
Buyer

Sycamore Partners

New York, New York, United States

website


Category Private Equity Firm
Founded 2011
PE ASSETS 10.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Sycamore Partners is an opportunistic and operationally focused private equity firm that targets businesses and divisions in the consumer and retail sectors. The Firm looks to partner with management teams to improve the operating profitability and strategic value of their businesses. Sycamore was formed in 2011 and is based in New York City.


DEAL STATS #
Overall 14 of 21
Sector (Retail) 7 of 7
Type (Going Private) 3 of 4
State (Massachusetts) 2 of 2
Country (United States) 12 of 19
Year (2017) 3 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-28 Dollar Express, LLC

Chesapeake, Virginia, United States

Dollar Express is a discount general merchandise retailer currently operating over 300 stores across the US.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-06 Commerce Technologies LLC

Albany, New York, United States

CommerceHub is a distributed commerce network connecting supply, demand and delivery that helps retailers and brands increase sales by expanding product assortments, promoting products on the channels that perform, and enabling rapid, on-time customer delivery. With its robust platform and proven scalability, CommerceHub helped over 11,500 retailers, brands, and distributors achieve an estimated $16 billion in Gross Merchandise Value in 2017.

Buy $1.1B