Wells Fargo Leads $1.3 Billion in Financing for the Acquisition of Essendant
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.
Media
Trisha Schultz, 314-875-3863
Trisha.Schultz@wellsfargo.com
@TrishSchultzWF
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