Ranpak Holdings Corp.
TypePublic
NYSE: PACK
IndustryRecyclable packing, Packaging, Packaging machinery
Founded1972 (1972) in Painesville, Ohio, United States
FoundersRaymond Q. Armington, George R. Johnson
Headquarters
Concord, Ohio
,
United States
Areas served
North and South America, Europe, Middle East, East and South East Asia, Australasia
Key people
Omar Asali (CEO), Kevin Park (Software Controls Engineer)
ProductsPadpak series, Fillpak
Number of employees
800[1] (2021)
Websiteranpak.com

Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions.[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; Shanghai and Singapore.[3] The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain purposes, and is sometimes known as dunnage. Ranpak counts customers globally like Amazon, IKEA and Walmart.

History

The company (the Ranpak name standing for Random Packaging) traces its origins to a machine patented by George R. Johnson in 1970 that converted kraft paper into shock absorbing crinkled paper for use in cushioning auto-parts to prevent such items 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 December 1991 Ranpak opened its first foreign manufacturing center in Heerlen, Holland. The plant produced packing material and packing machines for the European market.[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]
  • Creapaper GmbH, a German supplier of grasspaper and grasspaper products, acquired in October, 2021.
  • Recycold Cool Solutions BV, a Dutch-based manufacturer of sustainable cool packs made from plant-based materials, purchased in 2021.

Ownership

Ranpak was sold in December 2001 to First Atlantic Capital[15][16] for over $100 million.[17] In December 2005, First Atlantic sold Ranpak to American Capital Strategies Ltd.,[18] which in turn sold Ranpak Corp to Odyssey Investment Partners in 2007.[19] Rhone Group acquired the company in 2014.[20]

In 2019, a group led by One Madison Group and its founder, Omar Asali, purchased Ranpak from Rhone Group for $950 million.[21] Asali, former co-head of Goldman Sachs Hedge Fund Strategies, is the current president and CEO.[22]

Recognition

In 2002, Inc. magazine named Ranpak among the top 50 most innovative small companies of the year based on the number of patents awarded.[23]

In March 2021, Fast Company magazine named Ranpak one of year's top innovators in logistics "for replacing traditional shipping materials [like bubble wrap] with paper alternatives."[24]

References

  1. ↑ McCafferty, Rachel Abbey (July 17, 2020). "Ranpak stakes its future on sustainable packaging". Crains Cleveland Business. Retrieved 27 July 2020.
  2. 1 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. 1 2 3 "ARMINGTON, RAYMOND Q." Case Western Reserve University Encyclopedia of Cleveland History. Case Western Reserve University. 31 May 2019. 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. Retrieved 29 July 2020.
  8. ↑ Bruijins, Pieter (December 12, 1990). "Eco-friendly packaging filling American factory Ranpak to Heerlen". Limburgsch Dagblad (in Dutch). Retrieved 21 June 2022. Ranpak will manufacture machines for making environmentally friendly' paper packaging filling... Initially, Ranpak will only make the packaging filling in Heerlen.
  9. ↑ "Company News". 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. Retrieved 20 June 2020.
  11. ↑ "Ratzenberger To Retain Ownership Interest In Firm". 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 Cleveland Business. Retrieved 30 June 2020.
  13. ↑ "Ranpak Highlights Acquisition of French Packaging Automation Company e3neo". Professional Services Close-Up. 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. ↑ "Private Equity-Ranpak". First Atlantic Capital. Retrieved 29 July 2020. Acquisition Date December 2001
  16. ↑ "First Atlantic Capital Acquires Majority Interest in Ranpak" (PDF). First Atlantic Capital. Retrieved 30 June 2020.
  17. ↑ Sorkin, Andrew Ross (January 11, 2002). "Buyout Firm Is Acquiring Manufacturer Of Packaging". The New York Times. p. 32. Retrieved 30 July 2020.
  18. ↑ "First Atlantic Capital Sells Ranpak Corp. to American Capital Strategies". Business Wire. December 14, 2005. Retrieved 29 July 2020.
  19. ↑ "Odyssey Investment Partners Acquires Ranpak". Odyssey Investment Partners. January 3, 2008. Retrieved 30 June 2020.
  20. ↑ Suttell, Scott (August 14, 2014). "Ranpak Corp. in Concord Township is sold to private equity firm Rhone Capital LLC". Crains Cleveland Business. Retrieved 30 June 2020.
  21. ↑ Kelleher, Colin (December 13, 2018). "Blank-Check Company One Madison to Buy Ranpak for $950 Million". The Wall Street Journal. Retrieved 30 June 2020.
  22. ↑ Ho, Sookhan (Spring 2018). "Omar Asali: the road to yes". Virginia Tech Business - Magazine of the Pamplin College of Business. Retrieved 30 June 2020.
  23. ↑ "[The Innovation 50 -- A listing of the most inventive small companies in entrepreneurial America". Inc. magazine. August 1, 2002. Retrieved 20 June 2020. Number of patents: 103
  24. ↑ "The 10 most innovative logistics companies of 2021". Fast Company. March 9, 2021. Retrieved 9 March 2021.
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