Market Overview

Sycamore Partners Affiliate Acquires National Wholesale Distributor Essendant


Staples to Work with Essendant to Provide a Better Offering for

today announced that an affiliate of Sycamore
has acquired Essendant
(NASDAQ:ESND), a national wholesale distributor. Staples, another
Sycamore portfolio company and the world's largest workplace solutions
provider, will work together with Essendant to give reseller customers
access to an expanded product assortment, innovative technology and
world-class supply chain capabilities and support. Essendant and
Staples' sales teams will continue to operate separately.

This press release features multimedia. View the full release here:

"Staples views the reseller community as partners in serving customers
that will allow us all to be successful," said Sandy Douglas, Chief
Executive Officer, Staples, Inc. "We value the relationships the
resellers have built with Essendant and look forward to helping them
build on their already impressive success. We've created a strong,
externally monitored firewall, to protect resellers' confidential
information, as required by the FTC, and also as a sign of trust,
because we know it's the best thing for the Essendant business, and the

As part of the transition, Ric Phillips, President and Chief Executive
Officer of Essendant, has announced his intention to seek opportunities
outside the company. Harry Dochelli, who has been with Essendant for the
past six years, most recently in the role of President of Office and
Facilities, has been named President and will lead the organization.

"Essendant has been a key partner to the reseller community for almost a
century, and we see that relationship only strengthening by working with
Staples," said Dochelli. "Essendant brings a unique value proposition to
its reseller partners, and with Staples, will now have enhanced
capabilities to provide to our customers, enabling them to win in the

About Sycamore Partners
Partners is a private equity firm based in New York. The firm
specializes in consumer, distribution and retail-related investments and
partners with management teams to improve the operating profitability
and strategic value of their business. Sycamore has approximately $10
billion in assets under management. The firm's investment portfolio
currently includes Belk, Coldwater Creek, CommerceHub, Hot Topic, MGF
Sourcing, NBG Home, Staples, Inc., Staples United States Retail, Staples
Canada, Talbots, The Limited and Torrid.

About Staples, Inc.
helps the world work better with work solutions that deliver
industry-leading products, services and expertise across office
supplies, facilities, breakroom, furniture, technology, promotional
products, and print and marketing services. The company supports
businesses of all sizes, with fast delivery capabilities, across
multiple channels, including direct sales, e- commerce and mobile.
Headquartered near Boston, Mass., Staples operates in North America.

More information about Staples is available at

About Essendant
Essendant Inc.
is a leading national distributor of workplace items, with 2017 net
sales of $5.0 billion. The company provides access to a broad assortment
of over 170,000 items, including janitorial and breakroom supplies,
technology products, traditional office products, industrial supplies,
cut sheet paper products, automotive products and office furniture.
Essendant serves a diverse group of customers, including independent
resellers, national resellers and e-commerce businesses. Essendant's
network of distribution centers enables it to ship most products
overnight to more than ninety percent of the U.S.

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