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{{short description|American paper products manufacturer}}
{{short description|American paper products manufacturer}}
{{Orphan|date=July 2020}}
{{Infobox company
{{Infobox company
| name = Ranpak Holdings Corp.
| name = Ranpak Holdings Corp.
Line 6: Line 5:
| type = Public
| type = Public
| traded_as = {{NYSE|PACK}}
| traded_as = {{NYSE|PACK}}
| industry = recycylable packing, packaging
| industry = Recyclable packing, [[Packaging]], [[Packaging machinery]]
| fate =
| fate =
| predecessor =
| predecessor =
| successor =
| successor =
| founded = {{Start date and age|1972}} in [[Concord Township, Lake County, Ohio|Concord, Ohio]], United States
| founded = {{Start date and age|1972}} in [[Painesville, Ohio]], United States
| founders = Raymond Q. Armington, George R. Johnson
| founders = Raymond Q. Armington, George R. Johnson
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| hq_location_city = [[Concord, Ohio]]
| hq_location_city = [[Concord, Ohio]]
| hq_location_country = United States
| hq_location_country = United States
| areas_served = U.S., Europe, Asia
| areas_served = North and South America, Europe, Middle East, East and South East Asia, Australasia
| key_people = Omar Asali (CEO)
| key_people = Omar Asali (CEO), Kevin Park (Software Controls Engineer)
| products = Padpak series, Fillpak
| products = Padpak series, Fillpak
| owner =
| owner =
| num_employees = 600<ref name="McCafferty, Crains Cleveland, 7/27/2020">{{cite web |last1=MCCAFFERTY |first1=RACHEL ABBEY |title=Ranpak stakes its future on sustainable packaging |url=https://www.crainscleveland.com/manufacturing/ranpak-stakes-its-future-sustainable-packaging |website=Crains Cleveland Business |publisher=Crains Communications |accessdate=27 July 2020 |date=July 17, 2020}}</ref>
| num_employees = 800<ref name="McCafferty, Crains Cleveland, 7/27/2020">{{cite web|last1=McCafferty |first1=Rachel Abbey |title=Ranpak stakes its future on sustainable packaging |url=https://www.crainscleveland.com/manufacturing/ranpak-stakes-its-future-sustainable-packaging |website=Crains Cleveland Business |access-date=27 July 2020 |date=July 17, 2020}}</ref>
| num_employees_year = 2020
| num_employees_year = 2021
| parent =
| parent =
| website = {{URL|ranpak.com}}
| website = {{URL|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.<ref name="WSJ, Tan, Spector, 08132014">{{cite news |last1=Tan |first1=Gillian |last2=Spector |first2=Michael |title=Private-Equity Firm Rhône Group Nears Deal to Buy Ranpak - The Deal Values Ranpak At Roughly $900 Million, Including Debt |url=https://www.wsj.com/articles/private-equity-firm-rhone-group-nears-deal-to-buy-ranpak-1407938550 |accessdate=30 June 2020 |agency=The Wall Street Journal |publisher=The Dow Jones Company |date=August 13, 2014}}</ref> The company is based in [[Concord Township, Lake County, Ohio|Concord, Ohio]], and has production facilities and offices in [[Reno]], Nevada; [[Raleigh]], North Carolina; [[Kansas City, Missouri|Kansas City]], Missouri; [[the Netherlands]]; [[Czech Republic]]; and [[Singapore]].<ref name="SEC 8-K, 06062019">{{cite web |title=FORM 8-K - RANPAK HOLDINGS CORP. |url=https://www.sec.gov/Archives/edgar/data/1712463/000121390019010238/f8k053019_ranpakholdings.htm |publisher=UNITED STATES SECURITIES AND EXCHANGE COMMISSION |accessdate=30 June 2020 |pages=9 |date=June 6, 2019}}</ref> This material is sometimes known as '''[[dunnage]]'''.
'''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.<ref name="WSJ, Tan, Spector, 08132014">{{cite news |last1=Tan |first1=Gillian |last2=Spector |first2=Michael |title=Private-Equity Firm Rhône Group Nears Deal to Buy Ranpak - The Deal Values Ranpak At Roughly $900 Million, Including Debt |url=https://www.wsj.com/articles/private-equity-firm-rhone-group-nears-deal-to-buy-ranpak-1407938550 |access-date=30 June 2020 |agency=The Wall Street Journal |publisher=The Dow Jones Company |date=August 13, 2014}}</ref> The company is based in [[Concord Township, Lake County, Ohio|Concord, Ohio]], and has production facilities and offices in [[Reno]], Nevada; [[Kansas City, Missouri|Kansas City]], Missouri; [[the Netherlands]]; [[Czech Republic]]; [[Shanghai]] and [[Singapore]].<ref name="SEC 8-K, 06062019">{{cite web |title=FORM 8-K - RANPAK HOLDINGS CORP. |url=https://www.sec.gov/Archives/edgar/data/1712463/000121390019010238/f8k053019_ranpakholdings.htm |publisher=UNITED STATES SECURITIES AND EXCHANGE COMMISSION |access-date=30 June 2020 |pages=9 |date=June 6, 2019}}</ref> 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 (company)|Amazon]], [[IKEA]] and [[Walmart]].


==History==
==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.<ref name="USPTO, May 5, 1970">{{cite web |title=[Method and Mechanism for producing cushioning dunnage |url=https://pdfpiw.uspto.gov/.piw?Docid=03509798&homeurl=http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1%2526Sect2=HITOFF%2526d=PALL%2526p=1%2526u=%25252Fnetahtml%25252FPTO%25252Fsrchnum.htm%2526r=1%2526f=G%2526l=50%2526s1=3,509,798.PN.%2526OS=PN/3,509,798%2526RS=PN/3,509,798&PageNum=&Rtype=&SectionNum=&idkey=NONE&Input=View+first+page |website=USPTO.gov |publisher=United States Patent and Trademark Office |accessdate=20 June 2020 |date=May 5, 1970}}</ref>
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.<ref name="USPTO, May 5, 1970">{{cite web |title=Method and Mechanism for producing cushioning dunnage |url=https://pdfpiw.uspto.gov/.piw?Docid=03509798&homeurl=http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1%2526Sect2=HITOFF%2526d=PALL%2526p=1%2526u=%25252Fnetahtml%25252FPTO%25252Fsrchnum.htm%2526r=1%2526f=G%2526l=50%2526s1=3,509,798.PN.%2526OS=PN/3,509,798%2526RS=PN/3,509,798&PageNum=&Rtype=&SectionNum=&idkey=NONE&Input=View+first+page |website=USPTO.gov |publisher=United States Patent and Trademark Office |access-date=20 June 2020 |date=May 5, 1970}}</ref>


Johnson, working with entrepreneur and engineer, Raymond Q. Armington,<ref name="CWR-ECH Armington bio">{{cite web |title=ARMINGTON, RAYMOND Q. |url=https://case.edu/ech/articles/a/armington-raymond-q |website=Case Western Reserve University Encyclopedia of Cleveland History |publisher=Case Western Reserve University |accessdate=20 June 2020}}</ref> an inventor with several packing- and storage related patents to his name,<ref>{{cite web |title=Patents by Inventor Raymond Q. Armington |url=https://patents.justia.com/inventor/raymond-q-armington |website=Justia.com |publisher=JUSTIA |accessdate=30 June 2020}}</ref> incorporated the company in 1972.<ref name="WSJ, Tan, Spector, 08132014" /> Armington became its chairman, a position he held until his death in 1993.<ref name="CWR-ECH Armington bio" />
Johnson, working with entrepreneur and engineer, Raymond Q. Armington,<ref name="CWR-ECH Armington bio">{{cite web |title=ARMINGTON, RAYMOND Q. |url=https://case.edu/ech/articles/a/armington-raymond-q |website=Case Western Reserve University Encyclopedia of Cleveland History |date=31 May 2019 |publisher=Case Western Reserve University |access-date=20 June 2020}}</ref> an inventor with several packing- and storage related patents to his name,<ref>{{cite web |title=Patents by Inventor Raymond Q. Armington |url=https://patents.justia.com/inventor/raymond-q-armington |website=Justia.com |publisher=JUSTIA |access-date=30 June 2020}}</ref> incorporated the company in 1972.<ref name="WSJ, Tan, Spector, 08132014" /> Armington became its chairman, a position he held until his death in 1993.<ref name="CWR-ECH Armington bio" /> In early 2002, David M. Gabrielsen was appointed president and CEO of Ranpak replacing Steven E. Armington,<ref name="CCB, Prizinsky, 7/15/02">{{cite web |last1=Prizinsky |first1=David |title=New products to fill Ranpak growth plans |url=https://www.crainscleveland.com/article/20020715/SUB/207150713/new-products-to-fill-ranpak-growth-plans |website=Crains Cleveland Business |access-date=29 July 2020 |date=July 15, 2002}}</ref> son of the co-founder.<ref name="CWR-ECH Armington bio" />


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.<ref name="Limburgsch dagblad">{{cite news |last1=Bruijins |first1=Pieter |title=Eco-friendly packaging filling American factory Ranpak to Heerlen |url=https://www.delpher.nl/nl/kranten/view?query=Ranpak&coll=ddd&identifier=ddd:010624159:mpeg21:p017&resultsidentifier=ddd:010624159:mpeg21:a0284&rowid=1 |newspaper=Limburgsch Dagblad |access-date=21 June 2022 |language=Dutch |date=December 12, 1990 |quote=Ranpak will manufacture machines for making environmentally friendly' paper packaging filling... Initially, Ranpak will only make the packaging filling in Heerlen.}}</ref>
⚫
In 2002, '''[[Inc. magazine]]''' named Ranpak among the top 50 most innovative small companies of the year based on the number of patents awarded.<ref name="Inc. 082002">{{cite news |last1=The Inc. Staff |title=[The Innovation 50 -- A listing of the most inventive small companies in entrepreneurial America |url=https://www.inc.com/magazine/20020801/24453.html |accessdate=20 June 2020 |agency=Inc. magazine |publisher=Mansueto Ventures, Inc. |date=August 1, 2002 |quote=Number of patents: 103}}</ref>


Ranpak's acquisitions include:
Ranpak's acquisitions include:


* Eco-Pak Industries,<ref>{{cite news |title=Company News |url=https://www.nytimes.com/1992/06/03/business/company-news-106992.html?searchResultPosition=2 |accessdate=20 June 2020 |agency=The New York Times |publisher=The New York Times Company |date=June 3, 1992 |pages=4, Section D}}</ref> a Kent, WA-based company specializing in biodegradable and recyclable packing material<ref name="Chi Tribune 11101992">{{cite news |last1=Bukro |first1=Casey |title=PACKAGING GETS LEANER, `GREENER`AT TECHNOLOGY EXPO |url=https://www.chicagotribune.com/news/ct-xpm-1992-11-10-9204120054-story.html |accessdate=20 June 2020 |agency=Chicago Tribune |publisher=Chicago Tribune |date=November 10, 1992}}</ref> founded by entrepreneur and actor, [[John Ratzenberger]], best known as [[Cliff Claven]] of [[Cheers]]. Ratzenberger held partial ownership for a period after the sale.<ref name="Seattle Times, 06031992">{{cite news |title=Ratzenberger To Retain Ownership Interest In Firm |url=https://archive.seattletimes.com/archive/?date=19920603&slug=1495253 |accessdate=30 June 2020 |agency=The Seattle Times |publisher=The Seattle Times |date=June 3, 1992}}</ref>
* Eco-Pak Industries,<ref>{{cite news |title=Company News |url=https://www.nytimes.com/1992/06/03/business/company-news-106992.html |access-date=20 June 2020 |agency=The New York Times |date=June 3, 1992 |pages=4, Section D}}</ref> a Kent, WA-based company specializing in biodegradable and recyclable packing material<ref name="Chi Tribune 11101992">{{cite news |last1=Bukro |first1=Casey |title=Packaging Gets Leaner, 'Greener' at Technology Expo |url=https://www.chicagotribune.com/news/ct-xpm-1992-11-10-9204120054-story.html |access-date=20 June 2020 |work=Chicago Tribune |date=November 10, 1992}}</ref> founded by entrepreneur and actor, [[John Ratzenberger]], best known as [[Cliff Claven]] of [[Cheers]]. Ratzenberger held partial ownership for a period after the sale.<ref name="Seattle Times, 06031992">{{cite news |title=Ratzenberger To Retain Ownership Interest In Firm |url=https://archive.seattletimes.com/archive/?date=19920603&slug=1495253 |access-date=30 June 2020 |work=The Seattle Times |date=June 3, 1992}}</ref>
* Geami, a packaging company in Raleigh, North Carolina, specializing in recyclable, paper-based materials.<ref name="Crains Cleveland, 05272014">{{cite news |last1=McCafferty |first1=Rachel Abbey |title=Ranpak Corp. acquires North Carolina-based paper packaging materials company |url=https://www.crainscleveland.com/article/20140527/FREE/140529842/ranpak-corp-acquires-north-carolina-based-paper-packaging-materials |accessdate=30 June 2020 |agency=Crains Cleveland Business |publisher=Crains Communications, Inc. |date=May 27, 2014}}</ref>
* Geami, a packaging company in Raleigh, North Carolina, specializing in recyclable, paper-based materials.<ref name="Crains Cleveland, 05272014">{{cite news |last1=McCafferty |first1=Rachel Abbey |title=Ranpak Corp. acquires North Carolina-based paper packaging materials company |url=https://www.crainscleveland.com/article/20140527/FREE/140529842/ranpak-corp-acquires-north-carolina-based-paper-packaging-materials |access-date=30 June 2020 |agency=Crains Cleveland Business |date=May 27, 2014}}</ref>
* e3neo, a French-based company specializing in automated packing and packaging machinery and inventory and logistics management software.<ref>{{cite journal |title=Ranpak Highlights Acquisition of French Packaging Automation Company e3neo |journal=Professional Services Close-Up |date=March 11, 2017 |publisher=Close-Up Media, Inc.}}</ref><ref>{{cite web |title=US’s Ranpak acquires packaging automation company e3neo |url=https://www.packaging-gateway.com/news/us-ranpak-acquires-packaging-automation-company-e3neo-5755894/ |website=Packaging Gateway |publisher=Verdict Media Limited |accessdate=30 June 2020 |date=March 5, 2017}}</ref><ref>{{cite web |title=Acquired by Ranpak Holdings |url=https://www.crunchbase.com/organization/e3neo#section-overview |website=Crunchbase |accessdate=30 June 2020}}</ref>
* e3neo, a French-based company specializing in automated packing and packaging machinery and inventory and logistics management software.<ref>{{cite journal |title=Ranpak Highlights Acquisition of French Packaging Automation Company e3neo |journal=Professional Services Close-Up |date=March 11, 2017 }}</ref><ref>{{cite web |title=US's Ranpak acquires packaging automation company e3neo |url=https://www.packaging-gateway.com/news/us-ranpak-acquires-packaging-automation-company-e3neo-5755894/ |website=Packaging Gateway |publisher=Verdict Media Limited |access-date=30 June 2020 |date=March 5, 2017}}</ref>
* 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==
==Ownership==
Ranpak was sold in 2002 to First Atlantic Capital.<ref>{{cite web |title=First Atlantic Capital Acquires Majority Interest in Ranpak |url=http://www.firstatlanticcapital.com/news/1112002.pdf |website=firstatlanticiccapital.com |publisher=First Atlantic Capital |accessdate=30 June 2020 |format=PDF}}</ref> In 2007, First Atlantic sold Ranpak Corp to Odyssey Investment Partners.<ref>{{cite web |title=Odyssey Investment Partners Acquires Ranpak, |url=https://www.odysseyinvestment.com/Home/PressRelease/26 |website=OdysseyInvestmentpartners.com |publisher=Odyssey Invetment Partners |accessdate=30 June 2020 |date=January 3, 2008}}</ref> '''[[Rhone Group]]''' acquired the company in 2014.<ref>{{cite news |last1=Suttell |first1=Scott |title=Ranpak Corp. in Concord Township is sold to private equity firm Rhone Capital LLC |url=https://www.crainscleveland.com/article/20140814/FREE/140819875/ranpak-corp-in-concord-township-is-sold-to-private-equity-firm-rhone |accessdate=30 June 2020 |agency=Crains Cleveland Business |publisher=Crains Communicatons, Inc. |date=August 14, 2014}}</ref>
Ranpak was sold in December 2001 to First Atlantic Capital<ref>{{cite web |title=Private Equity-Ranpak |url=https://www.firstatlanticcapital.com/private-equity.html |website=First Atlantic Capital |access-date=29 July 2020 |quote=Acquisition Date December 2001}}</ref><ref>{{cite web |title=First Atlantic Capital Acquires Majority Interest in Ranpak |url=http://www.firstatlanticcapital.com/news/1112002.pdf |website=First Atlantic Capital |access-date=30 June 2020 }}</ref> for over $100 million.<ref name="Sorkin, NYT, 1/11/2002">{{cite news |last1=Sorkin |first1=Andrew Ross |title=Buyout Firm Is Acquiring Manufacturer Of Packaging |url=https://www.nytimes.com/2002/01/11/business/buyout-firm-is-acquiring-manufacturer-of-packaging.html |access-date=30 July 2020 |work=The New York Times|date=January 11, 2002 |pages=32}}</ref> In December 2005, First Atlantic sold Ranpak to American Capital Strategies Ltd.,<ref>{{cite web |title=First Atlantic Capital Sells Ranpak Corp. to American Capital Strategies |url=https://www.businesswire.com/news/home/20051214005522/en/Atlantic-Capital-Sells-Ranpak-Corp.-American-Capital |website=Business Wire |access-date=29 July 2020 |date=December 14, 2005}}</ref> which in turn sold Ranpak Corp to Odyssey Investment Partners in 2007.<ref>{{cite web |title=Odyssey Investment Partners Acquires Ranpak |url=https://www.odysseyinvestment.com/Home/PressRelease/26 |website=Odyssey Investment Partners |access-date=30 June 2020 |date=January 3, 2008}}</ref> [[Rhone Group]] acquired the company in 2014.<ref>{{cite news |last1=Suttell |first1=Scott |title=Ranpak Corp. in Concord Township is sold to private equity firm Rhone Capital LLC |url=https://www.crainscleveland.com/article/20140814/FREE/140819875/ranpak-corp-in-concord-township-is-sold-to-private-equity-firm-rhone |access-date=30 June 2020 |work=Crains Cleveland Business |date=August 14, 2014}}</ref>


In 2019, a group of investors led by One Madison Group, a '''[[special purpose acquisition company]]''', and its founder, Omar Asali, purchased Ranpak from Rhone Group for $950 million.<ref>{{cite web |last1=Kelleher |first1=Colin |title=Blank-Check Company One Madison to Buy Ranpak for $950 Million |url=https://www.wsj.com/articles/blank-check-company-one-madison-to-buy-ranpak-for-950-million-11544718228 |website=The Wall Street Journal |publisher=The Dow Jones Company |accessdate=30 June 2020 |date=December 13, 2018}}</ref> Asali, former co-head of [[Goldman Sachs|Goldman Sachs Hedge Fund Strategies]], is the current president and CEO.<ref name="VT Magazine">{{cite web |last1=Ho |first1=Sookhan |title=Omar Asali: the road to yes |url=https://www.magazine.pamplin.vt.edu/issues/spring-2018/omar-asali/ |website=Virginia Tech Business - Magazine of the Pamplin College of Business |publisher=Virginia Tech Pamplin College of Business |accessdate=30 June 2020 |date=Spring 2018}}</ref>
In 2019, a group led by One Madison Group and its founder, Omar Asali, purchased Ranpak from Rhone Group for $950 million.<ref>{{cite web |last1=Kelleher |first1=Colin |title=Blank-Check Company One Madison to Buy Ranpak for $950 Million |url=https://www.wsj.com/articles/blank-check-company-one-madison-to-buy-ranpak-for-950-million-11544718228 |website=The Wall Street Journal |access-date=30 June 2020 |date=December 13, 2018}}</ref> Asali, former co-head of [[Goldman Sachs|Goldman Sachs Hedge Fund Strategies]], is the current president and CEO.<ref name="VT Magazine">{{cite web |last1=Ho |first1=Sookhan |title=Omar Asali: the road to yes |url=https://pamplin.vt.edu/news/2018/03/omar-asali.html |website=Virginia Tech Business - Magazine of the Pamplin College of Business |access-date=30 June 2020 |date=Spring 2018}}</ref>

==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.<ref name="Inc. 082002">{{cite magazine |author=<!--Not stated-->|title=The Innovation 50 -- A listing of the most inventive small companies in entrepreneurial America |url=https://www.inc.com/magazine/20020801/24453.html |access-date=20 June 2020 |magazine=Inc. magazine |date=August 1, 2002 |quote=Number of patents: 103}}</ref>

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."<ref>{{cite magazine |author=<!--Not stated--> |title=The 10 most innovative logistics companies of 2021 |url=https://www.fastcompany.com/90600233/logistics-most-innovative-companies-2021 |magazine=Fast Company |access-date=9 March 2021 |date=March 9, 2021}}</ref>


== References ==
== References ==
{{reflist}}
{{reflist}}

{{Authority control}}


[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the New York Stock Exchange]]
Line 54: Line 62:
[[Category:Packaging]]
[[Category:Packaging]]
[[Category:Paper products]]
[[Category:Paper products]]
⚫
[[Category:Inventors]]
[[Category:Packaging materials]]
[[Category:Packaging materials]]
⚫
[[Category:Inventions]]

Latest revision as of 20:12, 4 November 2024

Ranpak Holdings Corp.
Company typePublic
NYSE: PACK
IndustryRecyclable packing, Packaging, Packaging machinery
Founded1972; 53 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)
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; 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

[edit]

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

[edit]

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

[edit]

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

[edit]
  1. ^ McCafferty, Rachel Abbey (July 17, 2020). "Ranpak stakes its future on sustainable packaging". Crains Cleveland Business. Retrieved 27 July 2020.
  2. ^ a b 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. ^ a b c "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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