EVO Group-backed Banner Group to acquire the UK business of Staples Solutions.

EVO Group-backed Banner Group, a supplier of general office stationery and electronic office supplies, agreed to acquire the UK business of Cerberus Capital-backed Staples Solutions, a retailer of office supplies, furniture, and technology. Financial terms were not disclosed. “Following the sale of our UK retail business more than 3 years ago, our remaining contracts and online business has been burdened with a spectacular distribution centre and a systems infrastructure that was simply too large and costly. Despite winning substantial new tenders and a strong revenue performance over the past 2 years, the heavy fixed cost burden meant our UK business remained structurally loss-making," Dolph Westerbos, Staples Solutions Chief Executive Officer.