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OFFICEMAX TO ACQUIRE A 17.5-PERCENT STAKE IN CORPORATE EXPRESS

 CLEVELAND/DENVER, Sept. 28 /PRNewswire/ -- OfficeMax, Inc. (a 92.7-percent-owned unit of Kmart Corporation) and Corporate Express, Inc. in a joint announcement said today that they have signed a stock purchase agreement for OfficeMax to acquire a 17.5-percent stake in Corporate Express for approximately $23.5 million in cash. The agreement is subject only to required regulatory approvals. OfficeMax operates over 300 office product superstores in 123 markets in 38 states. Corporate Express is a suburban Denver-based contract stationer with facilities in Arizona, California, Colorado and Washington State.
 As part of the agreement, OfficeMax will have the right in 1997, under certain circumstances, to increase its holdings in Corporate Express to between 51 percent and 100 percent. Michael Feuer, president and CEO of OfficeMax, will join Corporate Express' Board of Directors. In addition, the two companies said they would immediately begin developing joint buying and merchandising programs and share information relating to computer systems and other mutually beneficial areas.
 Corporate Express was founded by Jirka Rysavy, the company's chairman and CEO, in 1986 and has grown primarily as a result of a series of acquisitions. This privately held company's principal shareholders include Mr. Rysavy, his management team and a group of venture capital investors. Corporate Express' primary market target includes larger companies with 100 or more employees.
 Mr. Rysavy said that Corporate Express plans to continue to expand rapidly with the objective of becoming a national contract stationer with operations from coast to coast. For its current fiscal year, Corporate Express expects its sales to exceed $120 million compared to $47 million for the preceding year.
 Mr. Feuer said that OfficeMax was attracted to Corporate Express because of the synergistic opportunities between the two companies. He added that while OfficeMax focuses primarily on small businesses, the home office market and individual consumers, Corporate Express serves a completely different segment of the vast $100 billion U.S. office products market. Messrs. Feuer and Rysavy said that both companies share a "low-cost provider" culture, and they believe there are many opportunities to significantly contribute to each other's business through this new arrangement.
 As previously announced, OfficeMax, which was founded in 1988, plans to open between 50 and 60 stores annually during the next five years. In November 1990, Kmart (NYSE: KM) acquired a 22-percent stake in OfficeMax and increased its holdings a year later. The balance of OfficeMax is owned by its two co-founders, including Mr. Feuer.
 -0- 9/28/93
 /CONTACT: Michael Feuer, president and CEO of OfficeMax, 216-295-6419; or Jirka Rysavy, chairman and CEO of Corporate Express, 303-373-7645/
 (KM)


CO: OfficeMax, Inc.; Corporate Express, Inc. ST: Ohio, Colorado IN: REA SU: TNM

ML -- DE008 -- 6490 09/28/93 15:53 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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