Atlas Holdings closed its all‑cash purchase of ODP Corporation for about $1 billion, taking the former Office Depot, Inc. private. The transaction, completed on Dec 10, 2025, valued ODP at roughly $28 per share, a 34 % premium to the September 19 closing price. The deal removes ODP’s common stock from NASDAQ and ends its public listing.
Craig Gunckel, formerly chief executive of Atlas‑owned Iconex, was named chief executive officer of ODP. Gunckel brings 30 years of experience in the paper, packaging and distribution sectors and is expected to drive operational efficiencies and a renewed focus on the company’s two core businesses: the Office Depot/OfficeMax retail chain and ODP Business Solutions, the B2B distribution arm.
ODP’s financial performance in the months leading to the sale highlighted the challenges that prompted the turnaround. In Q3 2025, total sales fell 9 % to $1.6 billion, and net income from continuing operations dropped to $23 million from $68 million a year earlier. Q1 2025 saw a similar 9 % revenue decline to $1.7 billion and a net loss of $29 million. The decline was driven by intensified competition from Amazon, Walmart and Costco, and by a shift in consumer spending away from traditional office‑product retail.
Atlas Holdings plans to leverage its expertise in manufacturing and distribution to reverse the trend. The firm will focus on cost discipline, supply‑chain optimization and a stronger B2B mix. By taking ODP private, Atlas can pursue long‑term investments without the pressure of quarterly earnings disclosure, a strategy that has delivered turnaround results in other portfolio companies.
The acquisition is expected to create synergies of up to $200 million annually through combined supply‑chain capabilities and cross‑channel retail opportunities. Management has indicated that the new structure will allow ODP to invest in technology platforms that support both its retail and wholesale operations, positioning the company for growth in a market that is increasingly digital and service‑oriented.
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