Ranpak

Last updated
Ranpak Holdings Corp.
Company typePublic
NYSE:  PACK
IndustryRecyclable packing, Packaging, Packaging machinery
Founded1972;52 years ago (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)
Website ranpak.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.

Contents

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:

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]

Related Research Articles

<span class="mw-page-title-main">Corrugated fiberboard</span> Composite paper material

Corrugated fiberboard or corrugated cardboard is a type of packaging material consisting of a fluted corrugated sheet and one or two flat linerboards. It is made on "flute lamination machines" or "corrugators" and is used for making corrugated boxes. The corrugated medium sheet and the linerboard(s) are made of kraft containerboard, a paperboard material usually over 0.25 millimetres (0.01 in) thick.

<span class="mw-page-title-main">John Ratzenberger</span> American actor (born 1947)

John Dezso Ratzenberger is an American actor. He is best known for playing the character Cliff Clavin on the comedy series Cheers, for which he earned two Primetime Emmy nominations. Ratzenberger also played a role in the short-lived spin-off The Tortellis and in an episode of Wings, which was made by the same creators. He has voiced various characters in several Pixar feature films including Hamm in the Toy Story franchise, The Abominable Snowman in the Monsters, Inc. franchise, Mack in the Cars franchise, The Underminer in The Incredibles franchise, Fritz in the Inside Out franchise, and many others.

MeadWestvaco Corporation was an American packaging company based in Richmond, Virginia. It had approximately 23,000 employees. In February 2006, it moved its corporate headquarters to Richmond. In March 2008, the company announced a change to start using "MWV" as its brand, but the legal name of the company remained MeadWestvaco.

<span class="mw-page-title-main">Parker Hannifin</span> American technology firm

Parker Hannifin Corporation, originally Parker Appliance Company, usually referred to as just Parker, is an American corporation specializing in motion and control technologies. Its corporate headquarters are in Mayfield Heights, Ohio, in Greater Cleveland.

<span class="mw-page-title-main">ATS Automation Tooling Systems</span>

ATS Corporation is a Canadian company based in Cambridge, Ontario, that designs and builds factory automation systems. It is listed on the Toronto Stock Exchange.

<span class="mw-page-title-main">Martin Hoke</span> American politician

Martin Rossiter Hoke is an American Republican politician, former member of the Ohio Casino Control Commission, and former member of the United States House of Representatives from Ohio.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

Dunnage is inexpensive or waste material used to load and secure cargo during transportation; more loosely, it refers to miscellaneous baggage, brought along during travel. The term can also refer to low-priority cargo used to fill out transport capacity which would otherwise ship underweight.

<span class="mw-page-title-main">Sealed Air</span> Packaging company headquartered in the United States

SEE, legally the Sealed Air Corporation, is a packaging company known for its brands: Cryovac food packaging and Bubble Wrap cushioning packaging. Headquartered in Charlotte, North Carolina, United States, Chief Operating Officer Emile Chammas and Chief Financial Officer Dustin Semach currently serve as interim co-President and co-CEO.

<span class="mw-page-title-main">Cardboard box</span> Type of packaging

Cardboard boxes are industrially prefabricated boxes, primarily used for packaging goods and materials. Specialists in industry seldom use the term cardboard because it does not denote a specific material. The term cardboard may refer to a variety of heavy paper-like materials, including card stock, corrugated fiberboard, and paperboard. Cardboard boxes can be readily recycled.

<span class="mw-page-title-main">KeyBank</span> American regional bank headquartered in Cleveland, Ohio

KeyBank, the primary subsidiary of KeyCorp, is an American regional bank headquartered in Cleveland, Ohio. Key ranked 449th on the 2022 Fortune 500 list based on its 2021 revenue. It is 25th on the list of largest banks in the United States.

Central National-Gottesman Inc. (CNG) is one of the world's largest distributors of pulp, paper, packaging, nonwovens & fibers, tissue, metals and wood products. The company employs over 3,000 staff in more than 150 locations in 48 cities across North America and in 29 countries around the world, including 43 warehouses and 46 retail stores.

Crain Communications Inc is an American multi-industry publishing conglomerate based in Detroit, Michigan, United States, with 13 non-US subsidiaries.

<span class="mw-page-title-main">Huntington Bancshares</span> Bank holding company headquartered in Columbus, Ohio

Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company is ranked 466th on the Fortune 500 as of 2024, and is 26th on the list of largest banks in the United States.

<span class="mw-page-title-main">GateHouse Media</span> American media company

GateHouse Media Inc. was an American publisher of locally based print and digital media. It published 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. Its parent company, New Media Investment Group, acquired Gannett in 2019, with the combined company using the Gannett name and maintaining its headquarters in Virginia.

<span class="mw-page-title-main">Concord Township, Lake County, Ohio</span> Township in Ohio, United States

Concord Township is one of the five townships of Lake County, Ohio, United States. As of the 2020 census, the population was 19,254. Lake County is part of the Cleveland-Elyria, OH Metropolitan Statistical Area.

The Lubrizol Corporation is an American provider of specialty chemicals for the transportation, industrial and consumer markets. These products include additives for engine oils and other transportation-related fluids, additives for industrial lubricants, and additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products, pharmaceuticals and medical devices, specialty materials, including plastics technology, and coatings in the form of specialty resins and additives.

<span class="mw-page-title-main">UTEX Industries</span>

UTEX Industries, Inc. is an American manufacturer of sealing products.

<span class="mw-page-title-main">Rhône Group</span> Private equity firm

Rhône Group is a global private equity firm with approximately $11 billion of assets under management, specializing in mergers and acquisitions, leveraged buyouts, recapitalizations, and partnerships with particular focus on European and trans-Atlantic investments. Rhône also offers financial advisory services, strategic alliances, joint partnerships, and business valuation services. Rhone Group was listed in 2013 to 2014 by Preqin as the 'Most Consistent Performing Private Equity Fund Manager' based on both its multiple and IRR of all 3 funds in the top quartile ranking.

Linsalata Capital Partners is a private equity firm focused on leveraged buyout investments in middle-market companies across a broad range of industries. The firm has focused its investments in the healthcare services, building products and packaging industries.

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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.