[Update as of Dec. 11, 2025] The ODP Corporation, parent company of Office Depot and Office Max, has officially gone private following its acquisition for approximately $842 million by Atlas Holdings. The deal, which values the retailer and its B2B distribution network at $1 billion, was approved by ODP shareholders on Dec. 5 and has received all required regulatory approvals.
The new owners have named Craig Gunckel as ODP’s CEO, replacing Gerry Smith, who is departing with the completion of the purchase. Gunckel brings nearly 30 years’ experience in the paper and packaging industry for both public and private companies, most recently as CEO of Iconex, a global provider of label and receipt solutions. Prior to that, Gunckel spent 20 years in leadership roles at WestRock.
“We’re excited to officially welcome The ODP Corporation and its more than 16,000 dedicated associates into the Atlas family of companies,” said Michael Sher, Managing Partner at Atlas Holdings in a statement. “ODP is an iconic company, and we see tremendous opportunity ahead as a private company in both the retail and distribution segments, which today begin a new era with the autonomy to execute a strategy that will enable each to win in their respective markets.”
Original story from Sept. 23, 2025 begins-
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The ODP Corporation, parent company of Office Depot and Office Max, will be acquired by Atlas Holdings for $28 per share in cash, or $842.2 million based on outstanding shares. The deal, which values the retailer at $1 billion, will take the company private by the end of this year, with its shares no longer sold on the NASDAQ stock exchange.
“This transaction, fully supported by our board, provides a substantial premium for The ODP Corporation’s shareholders and will improve the company’s position for the next phase of growth,” said Gerry P. Smith, CEO of ODP in a statement. “Atlas brings an understanding of our industry, along with operational expertise, resources and track record of supporting its companies that will fast-forward our B2B growth initiatives and strengthen our position as a trusted partner to our customers.”
Atlas Holdings and its affiliates consist of 27 manufacturing and distribution businesses in industries including automotive, building materials, business services, energy, food and beverage, packaging and logistics industries. Atlas was founded in 2002 but notes on its website that many of its companies have been doing business for more than a century.
“Atlas has a long history of transitioning public companies into successful private enterprises, and we are uniquely positioned to do just that with The ODP Corporation — an iconic American company,” said Michael Sher, Managing Partner at Atlas in a statement. “The ODP Corporation’s leadership has already taken several steps to mitigate the challenging retail environment, and we are the right partners to support The ODP Corporations’s continued evolution in its next chapter.”
In November 2024 Office Depot partnered with Grubhub for on-demand delivery from its 800+ stores, and earlier this month Office Depot instituted a “15-Minute Pickup Promise” for in-store or curbside pickup of orders.
