Tue, 07 Jun 2011 | DIVISION SALE
Packaging supplier DS Smith is rumoured to be gearing up to sell off Spicers, its office stationery supplier business, for around £150 million. News has surfaced that the investment bank Lazard has been drafted in to lead the sale.
Spicers, which supplies stationery and office equipment, has attracted the attention of both trade peers and private equity investors.
Miles Roberts, DS Smith’s chief executive, revealed plans to streamline the company in the winter last year, and was reported as saying Spicers “doesn’t have any synergy with the rest of the group”, and that options for it would be considered “in due course”.
It is understood that Mr Roberts wants to refocus the company’s efforts on expanding its recycling operations. With 12,000 staff, it is already Britain’s largest recycler of cardboard and paper.
Spicers' sales figure of £700 million represents about a third of DS Smith's total turnover. It is said to be a low-growth business however.
Spicers and DS Smith would not comment on the potential sale. A final decision to sell has not yet been made by the group.
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