• ACCO Brands completes acquisition of Esselte Group

        • ACCO Brands Corporation has announced that it has completed the acquisition of Esselte Group Holdings AB. The combination looks to improve ACCO Brands' scale and enhances its position as an industry leader in Europe.

          The company's newly combined European business will be run by Cezary Monko, formerly the president and chief executive officer of Esselte, who will report directly to Elisman. Concurrently with closing the acquisition, the company entered into new senior credit facilities, which include a new Euro-denominated term loan to fund the transaction. The new senior credit facilities, along with new 5.25% senior unsecured notes due 2024, which were issued on December 22, 2016, provide the company with a more optimal credit structure and lower interest rates. Also, as a result of this acquisition, the company expects to realign its business segments for financial reporting purposes, beginning with the first quarter results. 

          Boris Elisman, Chairman, President and Chief Executive Officer of ACCO Brands said, “we are excited to add Esselte, its talented employees and its portfolio of products and brands to the ACCO Brands family. This transaction, together with the Pelikan Artline acquisition completed in May 2016, is expected to deliver approximately $31 million of annual synergies by the third anniversary of the Esselte closing."

          The Esselte acquisition is expected to:

          • Yield an estimated $23 million of annualised pre-tax synergy savings, or approximately $0.13 per share, by the third anniversary of the closing, excluding one-time restructuring, integration and purchase accounting costs;
          • Result in $0.12 adjusted EPS accretion in the first 12-month period, including synergies of $0.03 per share but excluding charges;
          • Generate incremental free cash flow of approximately $55 million in year three;
          • Create a premier branded pan-European player, providing greater consumer access, deeper channel relationships and cost leverage; and
          • Add important new brands and products in key categories to ACCO Brands' existing portfolio of leading brands and provide incremental sales opportunities outside of Europe.
        • Stay up to date - Click here and register for FREE Channel Info online membership and enjoy unlimited access to a host of benefits including the exclusive members area of the website, downloadable business tools, current and back issues archive, priority breaking news alerts, weekly e news summary and the Channel Info app

        • Related Articles

        • Fujitsu launches new EMEIA-wide Service Provider Program

          Fujitsu launches new EMEIA-wide Service Provider Program

          Friday 22nd Jun 2018
          Strengthening the recent UK service provider program announcement, Fujitsu has launched its new EMEIA-wide Service Provider Program, developed for and by its partners. Designed to address the long-term shift in the way customers of all size are ...Read More...
          UTAX (UK) appoints six new staff company wide

          UTAX (UK) appoints six new staff company wide

          Wednesday 20th Jun 2018
          UTAX (UK) Ltd has announced the introduction of six new personnel across the Solutions, Sales and Customer Support areas of the business.  In Solutions, Richard Hall joins to head up the Solutions & IT Support team in the role of Solutions ...Read More...
          New generation A4 colour and large workgroup mono printers and MFPs for Lexmark

          New generation A4 colour and large workgroup mono printers and MFPs for Lexmark

          Wednesday 20th Jun 2018
          Lexmark has announced the availability of a new generation of A4 colour and large workgroup monochrome printers and multi-function products (MFPs) that bring a combination of reliability, productivity and security to business users. These new A4 col...Read More...
                • About Us

                  Channel Info is the leading source of business news and information for the office dealer and reseller market. Our multi-platform approach delivers relevant, engaging and focussed content via our main printed magazine, supplements, website, digital editions, apps, newsletters and bespoke communications with an unrivalled reach across the industry. A highly trusted and respected brand for many years, the team behind Channel Info has over 60 years experience collectively in the office products, furniture, equipment and technology markets Channel Info continues to develop and adapt in order to meet the changing information needs of its readers.

                  For our latest Media packs and more details on our range of services click here

                • View Latest Issue