Done Deal: Office Depot parent acquired in $1B deal; names new CEO
Office Depot has gone private.
The ODP Corp., whose portfolio includes Office Depot and OfficeMax, ODP Business Solutions, and distribution logistics service provider Veyer, has been acquired by Atlas Holdings in an all-cash transaction valued at approximately $1 billion. (Atlas owns a global network of manufacturing and distribution businesses.)
With the deal completed, ODP CEO Gerry P. Smith has departed the company, succeeded by Craig Gunckel, who will lead the company’s retail business, which includes the Office Depot and OfficeMax stores in the U.S. and Canada, as well as in its B2B distribution network across North America. (ODP's retail business operated 834 stores at the end of its second quarter in September.)
Most recently, Gunckel was CEO of Iconex, a global provider of label and receipt solutions previously owned by Atlas. Prior to Iconex, he spent 20 years in leadership roles at WestRock (formerly NYSE: WRK).
“Today marks the start of an exciting new chapter for ODP as a private and infinitely more agile business,” said Gunckel. “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.”
Effective Dec. 10, ODP is a private and independently operated company. Its common stock has ceased trading and will be delisted from the NASDAQ stock exchange.
"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," said Michael Sher, managing partner at Atlas Holdings. "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.”
Headquartered in Greenwich, Conn., Atlas and its 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.
