Ranpak

Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry.[2] The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Raleigh, North Carolina; Kansas City, Missouri; the Netherlands; Czech Republic; and Singapore.[3] This material is sometimes known as dunnage.

Ranpak Holdings Corp.
TypePublic
NYSE: PACK
IndustryRecyclable packing, Packaging, Packaging machinery
Founded1972 (1972) in Concord, Ohio, United States
FoundersRaymond Q. Armington, George R. Johnson
Headquarters
Concord, Ohio
,
United States
Areas served
U.S., Europe, Asia
Key people
Omar Asali (CEO)
ProductsPadpak series, Fillpak
Number of employees
600[1] (2020)
Websiteranpak.com

History

The company traces its origins to the machine patented by George R. Johnson in 1970 that converted kraft paper into shock absorbing crinkled paper for use in cushioning merchandise to prevent it being damaged in shipment.[4]

Johnson, working with entrepreneur and engineer, Raymond Q. Armington,[5] an inventor with several packing- and storage related patents to his name,[6] incorporated the company in 1972.[2] Armington became its chairman, a position he held until his death in 1993.[5] In early 2002, David M. Gabrielsen was appointed president and CEO of Ranpak replacing Steven E. Armington,[7] son of the co-founder.[5]

In 2002, Inc. magazine named Ranpak among the top 50 most innovative small companies of the year based on the number of patents awarded.[8]

Ranpak's acquisitions include:

  • Eco-Pak Industries,[9] a Kent, WA-based company specializing in biodegradable and recyclable packing material[10] founded by entrepreneur and actor, John Ratzenberger, best known as Cliff Claven of Cheers. Ratzenberger held partial ownership for a period after the sale.[11]
  • Geami, a packaging company in Raleigh, North Carolina, specializing in recyclable, paper-based materials.[12]
  • e3neo, a French-based company specializing in automated packing and packaging machinery and inventory and logistics management software.[13][14][15]

Ownership

Ranpak was sold in December 2001 to First Atlantic Capital[16][17] for over $100 million.[18] In December 2005, First Atlantic sold Ranpak to American Capital Strategies Ltd.,[19] which in turn sold Ranpak Corp to Odyssey Investment Partners in 2007.[20] Rhone Group acquired the company in 2014.[21]

In 2019, a group led by One Madison Group and its founder, Omar Asali, purchased Ranpak from Rhone Group for $950 million.[22] Asali, former co-head of Goldman Sachs Hedge Fund Strategies, is the current president and CEO.[23]

References
  1. MCCAFFERTY, RACHEL ABBEY (July 17, 2020). "Ranpak stakes its future on sustainable packaging". Crains Cleveland Business. Crains Communications. Retrieved 27 July 2020.
  2. Tan, Gillian; Spector, Michael (August 13, 2014). "Private-Equity Firm Rhône Group Nears Deal to Buy Ranpak - The Deal Values Ranpak At Roughly $900 Million, Including Debt". The Dow Jones Company. The Wall Street Journal. Retrieved 30 June 2020.
  3. "FORM 8-K - RANPAK HOLDINGS CORP". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. June 6, 2019. p. 9. Retrieved 30 June 2020.
  4. "[Method and Mechanism for producing cushioning dunnage". USPTO.gov. United States Patent and Trademark Office. May 5, 1970. Retrieved 20 June 2020.
  5. "ARMINGTON, RAYMOND Q." Case Western Reserve University Encyclopedia of Cleveland History. Case Western Reserve University. Retrieved 20 June 2020.
  6. "Patents by Inventor Raymond Q. Armington". Justia.com. JUSTIA. Retrieved 30 June 2020.
  7. Prizinsky, David (July 15, 2002). "New products to fill Ranpak growth plans". Crains Cleveland Business. Crains Communications. Retrieved 29 July 2020.
  8. The Inc. Staff (August 1, 2002). "[The Innovation 50 -- A listing of the most inventive small companies in entrepreneurial America". Mansueto Ventures, Inc. Inc. magazine. Retrieved 20 June 2020. Number of patents: 103
  9. "Company News". The New York Times Company. The New York Times. June 3, 1992. pp. 4, Section D. Retrieved 20 June 2020.
  10. Bukro, Casey (November 10, 1992). "PACKAGING GETS LEANER, 'GREENER'AT TECHNOLOGY EXPO". Chicago Tribune. Chicago Tribune. Retrieved 20 June 2020.
  11. "Ratzenberger To Retain Ownership Interest In Firm". The Seattle Times. The Seattle Times. June 3, 1992. Retrieved 30 June 2020.
  12. McCafferty, Rachel Abbey (May 27, 2014). "Ranpak Corp. acquires North Carolina-based paper packaging materials company". Crains Communications, Inc. Crains Cleveland Business. Retrieved 30 June 2020.
  13. "Ranpak Highlights Acquisition of French Packaging Automation Company e3neo". Professional Services Close-Up. Close-Up Media, Inc. March 11, 2017.
  14. "US's Ranpak acquires packaging automation company e3neo". Packaging Gateway. Verdict Media Limited. March 5, 2017. Retrieved 30 June 2020.
  15. "Acquired by Ranpak Holdings". Crunchbase. Retrieved 30 June 2020.
  16. "Private Equity-Ranpak". First Atlantic Capital. First Atlantic Capital Ltd. Retrieved 29 July 2020. Acquisition Date December 2001
  17. "First Atlantic Capital Acquires Majority Interest in Ranpak" (PDF). firstatlanticiccapital.com. First Atlantic Capital. Retrieved 30 June 2020.
  18. Sorkin, Andrew Ross (January 11, 2002). "Buyout Firm Is Acquiring Manufacturer Of Packaging". The New York Times Company. The New York Times. p. 32. Retrieved 30 July 2020.
  19. "First Atlantic Capital Sells Ranpak Corp. to American Capital Strategies". Businesswire.com. Business Wire. December 14, 2005. Retrieved 29 July 2020.
  20. "Odyssey Investment Partners Acquires Ranpak". OdysseyInvestmentpartners.com. Odyssey Invetment Partners. January 3, 2008. Retrieved 30 June 2020.
  21. Suttell, Scott (August 14, 2014). "Ranpak Corp. in Concord Township is sold to private equity firm Rhone Capital LLC". Crains Communicatons, Inc. Crains Cleveland Business. Retrieved 30 June 2020.
  22. Kelleher, Colin (December 13, 2018). "Blank-Check Company One Madison to Buy Ranpak for $950 Million". The Wall Street Journal. The Dow Jones Company. Retrieved 30 June 2020.
  23. Ho, Sookhan (Spring 2018). "Omar Asali: the road to yes". Virginia Tech Business - Magazine of the Pamplin College of Business. Virginia Tech Pamplin College of Business. Retrieved 30 June 2020.
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