Boise looks to ‘Max power as deal closes

Boise Cascade has completed the sale of its paper, forest products and timberland assets, and has officially re-launched itself as ‘OfficeMax’.

Boise acquired OfficeMax, the third largest OP retailer in the US, in December 2003, in order to concentrate on OP distribution.

It sold its paper, forest and timberland assets for $3.7 billion to affiliates of a new company formed by private equity company Madison Dearborn Partners.

Executive chairman of OfficeMax George Harad said: "This transaction completes Boise’s transformation, begun in the mid-1990s, from a predominantly manufacturing-based company to a world-scale distribution company. It establishes OfficeMax as a strong, independent company in the office products distribution business."

New York City (NY)