Lead photo: ODP Corp.’s headquarters in Boca Raton, FL. (Courtesy of ODP Corp. on LinkedIn)

After decades of restructuring, office supplies retailer and distributor ODP Corp. is going private.

The Boca Raton, FL-based parent company of Office Depot announced Sept. 22 that it has agreed to be acquired by an affiliate of Atlas Holdings — a Greenwich, CT-based private equity firm that owns and operates 29 companies across various industrial sectors, with two other distributors in its portfolio.

Atlas is paying $28 per share for ODP, which represents a 34% premium to ODP’s closing share price on Sept. 19, valuing ODP at approximately $1 billion.

ODP said its board of directors has unanimously approved the deal, which is expected to complete by the end of 2025, subject to closing conditions and regulatory approvals.

ODP has been a public company since 1988, but has seen extensive restructuring over the past 20 years since the end of the office supplies heyday of the 1990s that were marked by significant growth from its innovative warehouse-style stores and product expansion, particularly in technology.

Here’s a timeline of the history of Office Depot and ODP Corp. since its landmark merger with OfficeMax in 2013.

ODP Corp. Since OfficeDepot-OfficeMax Merger

“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,” ODP Corp. CEO Gerry Smith said in a news release. “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.”

J.P. Morgan Securities is serving as ODP’s exclusive financial advisor, while Simpson Thacher & Bartlett is its legal advisor. Atlas’ financial advisor is Willkie Farr & Gallagher.

“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 added. “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.”

ODP Financial Snapshot

ODP had 2024 total sales of $7.0 billion that fell 11% from 2023, with net profit of $106 million that was less than half of 2023’s $263 million, while adjusted EBITDA of $268 million was likewise down 41.6%. For ODP’s 2025 second quarter, sales of $1.6 billion were down 8.0% year-over-year and adjusted EBITDA of $47 million fell 17.5%. In its ODP Business Solutions Division — which operates as a B2B distributor of office supplies — 2Q sales of $859 million fell 6.0% year-over-year.

ODP appointed co-CFOs in December 2024.

ODP sold Varis — its procurement technology and services platform launched in 2021 — to Arising Ventures in October 2024, while retaining a 19.9% stake. ODP had recruited several former Amazon Business executives to create the platform.