Wells Fargo Capital Finance acted as administrative agent, lead arranger, and book runner on a $1.2 billion asset-based credit facility and a $125 million term loan facility in connection with the acquisition of Essendant by an affiliate of Sycamore Partners and as supported by Staples.
Essendant, a national distributor of workplace items to independent resellers, national resellers and e-commerce businesses, previously announced the acquisition in September.
Sycamore Partners is a private equity firm that specializes and focuses on investments in the retail, consumer and distribution sectors.
“For us to be able to complete such important financing for Sycamore Partners and help the firm continue to grow its portfolio of companies is rewarding,” said Lynn Whitmore, managing director of the Retail Finance division at Wells Fargo Capital Finance. “We are pleased to enhance the abilities of Essendant to deliver services to their independent reseller customers nationwide.”