Something of a reverse take-over by a family-owned Australian business will see the local arm of global workplace supplies business Lyreco brought under domestic ownership.
Four months after family-owned chocolate maker Robern Menz bought the renowned Violet Crumble brand from Swiss giant Nestlé, Complete Office Supplies (COS) announced that it will acquire Lyreco’s Australian division for an undisclosed sum.
Lyreco is a French company that operates in 25 countries globally, and generated global sales of $2.1 billion in 2017.
COS, meanwhile, is a family-owned business operating out of Sydney since 1976.
“We are a proud Australian family-owned business, which I established 40 years ago selling typewriter ribbon and carbon paper in Western Sydney. Acquiring Lyreco will help continue our growth and success and give Australian business a strong alternative to buy from an Australian owned company,” said COS founder and CEO, Dominique Lyone.
Under the arrangement, COS will continue to partner with Lyreco globally to service its international customers within Australia. Full integration of the business is expected to take four months.
Mr Lyone said the acquisition will allow it to offer existing Lyreco customers additional options in the product mix, given its own larger product range.
“I’ve been impressed by its operations and ability to grow and compete in the market will help the COS brand to expand into the market exponentially,” said Mr Lyone.
“Blending COS and Lyreco business and teams will deliver synergies that will ensure we are a mighty and respected competitor in our space. Customers in Australia will be delighted that COS is a clear locally-owned and operated alternative, with significant buying clout to deliver competitive prices, value-added services that equal global standards.”
He added that it is “business as usual” for Lyreco customers and its 245 Australian staff for the time being, while a formal integration plan is implemented.
The combined entity will have annual revenues of around $225 million and an almost 600-strong workforce.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
Business lessons from the All Blacks
By Steve Stanley
Ask the Experts: Business assets and liability after separation
By Anneka Frayne
Anxiety in the workplace
By Staff Reporter