Press Release: Esselte : Fitch: ACCO's Acquisition of Esselte Rating-Neutral; Expects to Rate New Term Loans 'BB+/RR1'

NEW YORK--(BUSINESS WIRE)--In Fitch's view ACCO Brands Corporation's (ACCO) announcement that it will acquire Esselte Group Holdings AB (Esselte), a $458 million manufacturer of office products, predominantly operating in Europe, is neutral to the company's Long-Term Issuer Default Rating (IDR) of 'BB'. At $60 million in EBITDA, the $333 million purchase price implies a 5.5x enterprise value (EV)/EBITDA multiple. The company plans to fund the acquisition with a new Euro-denominated term loan an