The deal was confirmed yesterday (22 June) and follows Paragon Group’s purchase of various businesses and assets from Spicers Office Team (SPOT) last year, when Paragon Data Analytics was subsequently renamed OT Group as part of the takeovers. OT Group trades as OfficeTeam.
It has now agreed to take over Office Depot’s larger mid-market, major and public sector contract customers in the UK and Ireland.
As part of the deal, which is expected to be finalised “in the near future”, OT Group will also take on print, marketing and comms business Vital Communications in Dartford, and Office Depot Europe’s distribution centre in Ashton-under-Lyne.
Investment group Aurelius said the disposal was part of Office Depot Europe’s “ongoing transformation”, to focus on ecommerce brand Viking in core European markets. The group has sold off five non-core businesses since November 2019.
OT Group CEO Andrew Jones said he wanted to reassure customers that a seamless transition and integration period was being planned. “The needs of our customers is our key priority,” he said.
“We look forward to welcoming our new customers and colleagues to the OT Group, once the TUPE process has concluded.
“Office Depot Europe will add a wealth of experience and knowledge to our extended range of workplace solutions and business services. This acquisition aligns with our ambitious growth strategy, as well as our plans to expand operations throughout Europe.”
Jones was previously the managing director of the Paragon ID business and took on the OT Group role at the beginning of the year.
OT Group provides business services and workplace solutions direct to end users and through a wholesale channel. It also owns the 5 Star brand.
Aurelius acquired Office Depot’s European operations in 2017 following Office Depot Inc’s unsuccessful merger with Staples.
Earlier this month in the US, Staples’ owner USR Parent Inc made an offer to buy ODP Corporation’s consumer business comprising the Office Depot and OfficeMax retail stores, intellectual property and brand names.
The buy marks Paragon's first acquisition of 2021.
