SANTA MONICA, Calif.–(BUSINESS WIRE)–Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE:WFC), announced today that it acted as administrative agent, lead arranger, and book runner for a $1.2 billion asset-based credit facility and a $125 million term loan facility in connection with the acquisition of Essendant (NASDAQ: ESND) by an affiliate of Sycamore Partners as supported by Staples Inc., which is also owned by affiliates of Sycamore Partners.
Essendant, a leading national distributor of workplace items to independent resellers, national resellers, and e-commerce businesses, 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.”
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