Office Depot gets $350M investment

Boca Raton, Fla. Office Depot said Tuesday that private-equity firm BC Partners has made a $350 million investment in the company.

The investment, garnered through a preferred stock purchase, gives BC Partners approximately a 20% stake in Office Depot.

BC bought about $275 million of the company's Series A convertible perpetual preferred stock and approximately $75 million of its Series B conditional convertible perpetual preferred shares.

Office Depot, which previously announced that it would close approximately 9% of its North American stores and cut 2,200 jobs, said it will use the proceeds for general corporate purposes.

The investment allows for three BC Partners executives to become part of Office Depot's board, which has grown to 14 members.