The ODP Corporation, parent company of office supplies retailer and distributor Office Depot, is being acquired by Atlas Holdings, a private equity firm that operates manufacturing and distribution businesses.
Atlas will pay $28 per share in cash for the 30.08 million outstanding shares of ODP, implying a purchase price of $842 million. Atlas and ODP said in their price release announcing the sale that the price was “approximately $1 billion.”
That’s a far cry from the company’s peak stock market value of more than $5 billion a decade ago, not long after Office Depot acquired competitor OfficeMax in 2013, and reflects the declining demand for paper, printers and other writing materials in the digital age.
As Office Depot’s retail business has declined steadily, it has put more emphasis on its ODP Business Solutions unit, which distributes products to businesses of various sizes. Serving the hospitality industry has been a particular focus as ODP announced last month that ODP Business Solutions had signed a contract with Omnia Corp. to provide supplies to hotel chains.
In another move designed to boost its business-to-business sales, ODP promised this week that goods ordered online would be available at its stores in no more than 15 minutes, an offer that caters to businesses and contractors that need goods quickly.
Business Solutions represented 52.0% of ODP’s total sales in the first six months of 2025, compared to 51.3% in the first half of 2024 as B2B sales declined more slowly than retail sales.
ODP said its board of directors had unanimously approved the sale, which will result in Office Depot becoming a private company. The transaction is expected to be completed by the end of the year.
Atlas Holdings’ portfolio companies
Atlas Holdings, headquartered in Greenwich, Connecticut, owns 29 companies in such sectors as as automotive supply, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products.
Those portfolio companies employ more than 60,000 people across 375 facilities and generate more than $20 billion in annual revenue, Atlas says. The private equity firm was founded in 2002.
“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,” Atlas managing partner Michael Sher said in a press release announcing the ODP acquisition. “Atlas operates like a diversified holding company, and we have a proven record of delivering the human and financial capital necessary to create long-term value in our businesses.
“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 Corporation’s continued evolution in its next chapter.”
Gerry P. Smith, CEO of The ODP Corporation said in a statement that the deal positions ODP for growth. “Atlas brings an understanding of our industry, along with the 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,” Smith said.
