Office Depot Divests CompuCom for Fraction of Purchase Price

The Office Depot (Boca Raton, Fla.) has sold its CompuCom Systems subsidiary to private equity firm Variant Equity in a $305 million transaction, according to a press release.

Office Depot acquired the unit in 2017 for $1 billion in an effort to move beyond its traditional office supplies business into IT services and support. “Technology is the office supply of the future,” said Office Depot CEO Gerry Smith at the time.

The sale represents a pivot on the part of Office Depot to “align [its] business model and resources towards our core strategy,” according to Office Depot CFO Anthony Scaglione.