Atlas Holdings Completes $1 Billion Acquisition of The ODP Corporation; Craig Gunckel Named CEO

Atlas Holdings has officially completed its previously announced $1 billion all-cash acquisition of The ODP Corporation, taking the Office Depot and OfficeMax parent company private and ushering in a redesigned leadership structure and strategic reset.

With the deal finalized, Atlas immediately appointed Craig Gunckel as Chief Executive Officer. Gunckel will oversee ODP’s more than 16,000 coworkers across its retail operations, including Office Depot and OfficeMax stores in the U.S. and Canada, as well as its expansive B2B distribution network across North America.

Gunckel brings nearly 30 years of leadership experience in the paper, packaging, and manufacturing sectors. He most recently served as CEO of Iconex, an Atlas-owned global provider of label and receipt solutions, where he led a multiyear operational turnaround that improved safety, efficiency, and profitability. Prior to Iconex, he spent 20 years in leadership roles at WestRock.

Gunckel succeeds Gerry P. Smith, who has departed the company following the transaction’s close. In a statement marking ODP’s transition into private ownership, Gunckel highlighted the company’s renewed strategic focus. “Today marks the start of an exciting new chapter for ODP as a private and infinitely more agile business,” Gunckel said. “We are refocusing on our two core businesses, Office Depot OfficeMax and ODP Business Solutions, with a commitment to our customers, our people, and sustainable, profitable growth.”

Atlas Managing Partner Michael Sher emphasized the long-term strategic upside of the acquisition: “ODP is an iconic company, and we see tremendous opportunity ahead as a private company in both retail and distribution. With Craig’s leadership and Atlas as a long-term partner, ODP begins a new era with the autonomy to execute a strategy that enables each business to win in its market.”

The acquisition was approved by ODP shareholders on December 5, 2025, and has received all required regulatory approvals. With the transaction complete, the company’s common stock has ceased trading and will be delisted from NASDAQ, formalizing ODP’s transition to a privately held, independently operated company.

About The ODP Corporation

The ODP Corporation is a leading provider of business products, services, and technology solutions through its Office Depot and OfficeMax retail brands and its nationwide B2B platform, ODP Business Solutions. The company serves millions of customers across North America through a network of retail stores, digital commerce channels, and distribution centers. Prior to its acquisition by Atlas Holdings, ODP traded on the NASDAQ under the ticker ODP.

About Atlas Holdings

Atlas Holdings is a global investment firm specializing in industrial, manufacturing, distribution, and business-services companies. With a long-term, buy-and-build strategy, Atlas operates more than two dozen platform companies worldwide and focuses on operational excellence, strategic transformation, and sustainable value creation. The firm is headquartered in Greenwich, Connecticut.