Private equity firm Atlas Holdings is acquiring The ODP Corp., parent of Office Depot, in an all-cash deal valued at approximately $1 billion.
The agreement underscores ODP’s ongoing pivot from retail office supplies toward its growing business-to-business (B2B) ecommerce and distribution operations. Atlas will pay $28 per share for ODP’s 30.08 million outstanding shares. The companies expect to close the transaction by year’s end. That deal comes as ODP’s market value has shrunk from more than $5 billion a decade ago, reflecting declining consumer demand for paper, printers, and related supplies.
Why Atlas Holdings is acquiring ODP Corp.
As the retail side of Office Depot continues to contract, ODP has been investing in its ODP Business Solutions unit.
Its Business Solutions unit is a B2B distribution and ecommerce platform that now accounts for more than half of company revenue. In the first six months of 2025, the unit generated 52% of total sales. That’s up from 51.3% a year earlier, driven by slower declines in B2B compared with retail.
Recent initiatives highlight ODP’s ecommerce push. Last month, ODP Business Solutions signed a supply contract with Omnia Corp. to serve hotel chains nationwide. Earlier in September, the company promised customers that products ordered online would be ready for pickup in stores within 15 minutes, a service aimed squarely at businesses and contractors who require rapid fulfillment.
Atlas Holdings, based in Greenwich, Connecticut, owns 29 companies across manufacturing, distribution, packaging, paper, supply chain, and related sectors. Its portfolio generates more than $20 billion in annual revenue. Atlas said its operating model — bringing capital and operational expertise to traditional businesses — will help accelerate ODP’s B2B and digital transformation.
“ODP’s leadership has already taken steps to mitigate the challenging retail environment, and we are the right partners to support its continued evolution,” said Atlas managing partner Michael Sher.
ODP CEO Gerry P. Smith emphasized the growth opportunity in ecommerce-driven B2B distribution.
“Atlas brings the resources and track record to fast forward our B2B growth initiatives and strengthen our position as a trusted partner to our customers,” Smith said.
Once the sale is finalized, ODP will operate as a private company — free from the scrutiny of public markets and better positioned to expand its role as a B2B ecommerce and distribution leader.
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