Greenwich Firm To Acquire Parent Company Of OfficeMax, Office Depot In $1 Billion Deal

GREENWICH, CT — The ODP Corporation, the parent company of OfficeMax and Office Depot and a leading provider of products, services and technology solutions to businesses and consumers, announced Monday it has agreed to be acquired by an affiliate of Atlas Holdings, a Greenwich-based firm which owns and operates a global family of manufacturing and distribution businesses.

At $28 per share in cash, the purchase price represents a premium of 34 percent to The ODP Corporation’s closing share price on Sept. 19, and values The ODP Corporation at approximately $1 billion.

The Board of Directors of The ODP Corporation unanimously approved the transaction, which is expected to be completed by the end of 2025, the companies announced.

Once the sale is completed, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange.

The transaction is subject to customary closing conditions, including regulatory approvals and approval by The ODP Corporation shareholders.

"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,” said Gerry P. Smith, the Chief Executive Officer of The ODP Corporation, 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," Smith added. "Atlas’ commitment demonstrates their confidence in our future and the strong momentum we’ve achieved through our focus on operational excellence and disciplined execution. We’re excited about our path for the future."

OfficeMax and Office Depot merged in 2013 and went under the umbrella of The ODP Corporation, and numerous stores have closed in the years since.

The ODP Corporation closed 23 retail stores during the second quarter of 2025, ending the quarter with 834 retail locations.

There are no OfficeMax or Office Depot locations remaining in Connecticut.

Atlas was founded in 2002, and is headquartered on Northfield Street. Atlas's affiliates own and operate 29 companies which employ more than 60,000 associates across 375 facilities worldwide.

The company operates in sectors such 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.

Atlas says it companies generate more than $20 billion in revenues annually.

"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," said Atlas Managing Partner Michael Sher in a news release.

"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," Sher noted. "We look forward to completing this transaction which will provide a positive outcome for The ODP Corporation’s associates, customers, suppliers and shareholders."