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.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 8,050
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 38 countries and territories to support
customers who conduct business in the global economy. With approximately
265,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based
lending services, senior secured lending services, accounts receivable
and purchase order finance services, and channel finance services of
Wells Fargo & Company and its subsidiaries, and provides traditional
asset-based lending, specialized senior and junior secured financing,
accounts receivable financing, supply chain finance and channel finance
to companies across the United States and internationally. Dedicated
teams within Wells Fargo Capital Finance provide financing solutions for
companies in specific industries such as retail, software publishing and
high-technology, commercial finance, staffing, government contracting
and others. For more information, visit wellsfargocapitalfinance.com.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our future
financial performance and business. Because forward-looking statements
are based on our current expectations and assumptions regarding the
future, they are subject to inherent risks and uncertainties. Do not
unduly rely on forward-looking statements as actual results could differ
materially from expectations. Forward-looking statements speak only as
of the date made, and we do not undertake to update them to reflect
changes or events that occur after that date. For information about
factors that could cause actual results to differ materially from our
expectations, refer to our reports filed with the Securities and
Exchange Commission, including the “Forward-Looking Statements”
discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as
well as to Wells Fargo’s other reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2017,
available on its website at www.sec.gov.
© 2018 Wells Fargo Bank N.A. All rights reserved. For public use.
