We are pleased to announce that we have closed on the previously announced €297 million sale of Esselte, a leading global manufacturer and marketer of branded office products, to ACCO Brands Corporation.
During J.W. Childs Associates’ initial period of ownership, the Dymo labeling business achieved significant growth that led to the sale of the product line for a value in excess of the original purchase price for Esselte. The company also used the Lean process to increase inventory turns, improve revenue per employee and grow both EBITDA and gross margins. After selling the U.S. operations in 2014, the sale of the European business marks the final divestment from Esselte for J.W. Childs Associates.
We enjoyed our partnership with Esselte management and wish the team continued success with their business.