Spicing things up Unipapel’s acquisition of Spicers creates Europe’s largest OP and EOS wholesaler
by Andy Braithwaite andy.braithwaite@opi.net
T
he major story from Europe in 2011 was undoubtedly the July announcement by Spanish manufacturer and distributor Unipapel that it was to acquire leading wholesaler Spicers from UK packaging group DS Smith. DS Smith had said in December 2010 that Spicers was not a core business as it focused on becoming a leading player in the European recycled packaging market. At the same time, Unipapel was in the process of selling off its stake in the Ofiservice B2B operations in Spain to Lyreco for around 169 million. That deal netted Unipapel a capital gain of about 154 million, meaning the company would face a hefty tax bill unless the proceeds were re-invested in acquisitions within a three-year period. In March (2011), Unipapel CEO Millán Álvarez-Miranda commented that he viewed Unipapel as a consolidator in the European office products wholesaling channel, raising speculation that the company had its eye on the
What will happen to the 5-Star brand? 22
European Office Products Annual Review
Millán Álvarez-Miranda