After nearly 38 years as a public company, office supplies retailer and distributor ODP Corp. is officially now privately owned.

As of Dec. 10, ODP Corp. — the parent company of Office Depot and Office Max — is owned by private equity firm Atlas Holdings, which announced the completion of its previously announced $1 billion acquisition of ODP.

Atlas announced the deal back on Sept. 22, which included the PE firm paying $28 per share for ODP, representing a 34% premium to the company’s closing share price on Sept. 19.

Coinciding with the transaction closing, Craig Gunckel has been appointed as ODP’s new CEO to lead the company’s 16,000+ retail staff across Office Depot and OfficeMax stores in the U.S. and Canada, as well as its large B2B distribution network across North America.

Gunckel succeeds Gerry Smith, who departed ODP in conjunction with the transaction.

Gunckel comes to ODP from Iconex — a global supplier of label and receipt solutions previously owned by Atlas. Before that, he spent 20 years in leadership roles at sustainable packaging producer WestRock.

“Today marks the start of an exciting new chapter for ODP as a private and infinitely more agile business,” Gunckel said in a news release. “As my new coworkers and I begin this next phase together, we are refocusing on our two core businesses, Office Depot OfficeMax and ODP Business Solutions. With a refreshed strategy, commitment to our customers and Atlas behind us as our long-term partner, we’ll bring renewed focus and discipline to how we operate, support our people and drive sustainable, profitable growth on both sides of the business.”

ODP had 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 which were marked by significant growth from its innovative warehouse-style stores and product expansion, particularly in technology.

The Atlas-ODP transaction was approved by ODP shareholders on Dec. 5 and received all necessary regulatory approvals.

“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,” added Michael Sher, Atlas Managing Partner. “We’re confident in Craig’s leadership and the ODP team’s ability to execute, and we look forward to supporting them as they strengthen both the retail and distribution businesses and capture new opportunities for growth.”

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

ODP Corp. Since 2013 OfficeDepot-OfficeMax Merger

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 third quarter that ended Sept. 27, sales of $1.625 billion were down 9% year-over-year, with year-to-date sales down 8%.

ODP noted that the sales decline was primarily due to 63 fewer retail locations in service compared to a year earlier and reduced retail and online consumer traffic, as well as lower sales in ODP’s Business Solutions unit. That latter unit had 3Q sales of $862 million, down 6% year-over-year and had trailing 12-month sales of $3.4 billion. ODP’s 3Q25 operating profit ($34 million) and net profit ($23 million) were one-third of their year-earlier level.

3Q25 adjusted EBITDA of $62 million was identical to a year earlier.

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.