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Office Depot announced the acquisition of a controlling interest in Best Office Co., one of the top office supply companies in South Korea.
Best Office, which has annual revenues exceeding $44 million, operates a network of more than 70 franchised and company-owned retail stores, along with a complementary delivery sales business.
"This transaction strengthens Office Depot's global presence in a rapidly growing area of the world," said Steve Odland, Chairman and CEO of Office Depot. "Our investment in Best Office, with its demonstrated history of sustainable and profitable growth, not only allows us to continue our geographic expansion, but extends our ability to deliver innovative products and services to customers of all sizes in the South Korean market."
"Office Depot is one of the world's best multichannel providers of office supplies and services," noted Jang-Duk Sun, President/CEO of Best Office. "This new relationship will allow us to further differentiate our business from the competition by offering our customers more value and unique assortments."
The transaction is subject to normal regulatory approvals.
