Jones Lang LaSalle


Office Depot Announces the Acquisition of Allied Office Products
Nation's Largest Privately Held Office Products Company Has Strong Northeast Presence

DELRAY BEACH, Fla.--(BUSINESS WIRE)--May 17, 2006--Office Depot (NYSE:ODP), a leading global provider of office products and services, today announced that it has acquired the business of privately held Allied Office Products, the country's largest independent dealer of office products and services. Financial terms of the acquisition were not disclosed.

Allied has annual revenues of more than $300 million. The company currently operates sales offices from New York to California, with a strong concentration in the Northeast. Allied's offerings include office supplies, break room and coffee services, janitorial supplies, computer products, custom printing, managed print services, promotional items, office furniture and design.

"This acquisition accelerates Office Depot's growth, enhances our competitive position and extends our industry leading line of products and services," noted Steve Odland, Chairman and CEO of Office Depot. "In particular, Allied's strength in the Northeast will continue to broaden Office Depot's presence in this important region, while their ability to meet the diverse needs of legal and medical customers will further our expansion in key vertical markets."

"Allied and Office Depot share the same philosophy when it comes to providing customers with innovative solutions that add value to their businesses," said Howard Brown, Chairman and CEO of Allied Office Products. "Office Depot has the breadth and depth of both national and private brands, as well as the promotional programs, purchasing power, and financial clout necessary to empower our sales people to better meet customer requirements on a global basis."

Howard Brown, his son Michael, who currently serves as President of Allied Office Products, and other key executives, will continue as part of the management team within Office Depot's North American Business Solutions Division (BSD).

"Allied's management experience, national customer base and knowledgeable sales force are perfect complements to our existing contract organization and infrastructure," added Cindy Campbell, Executive Vice President of BSD for Office Depot.