Ranpak
{{short description|American paper products manufacturer}}
{{Infobox company
| name = Ranpak Holdings Corp.
| logo = Ranpak-logo.fffa2d51-2.png
| type = Public
| traded_as = {{NYSE|PACK}}
| industry = Recyclable packing, Packaging, Packaging machinery
| fate =
| predecessor =
| successor =
| founded = {{Start date and age|1972|10|2}} in Painesville, Ohio, United States
| founders = Raymond Q. Armington, George R. Johnson
| defunct =
| hq_location_city = Concord, Ohio
| hq_location_country = 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)
| products = Padpak series, Fillpak
| owner =
| num_employees_year = 2021
| parent =
| 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, along with automation solutions.{{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}} 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.{{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}} 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.{{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}}
Johnson, working with entrepreneur and engineer, Raymond Q. Armington,{{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}} an inventor with several packing- and storage related patents to his name,{{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}} incorporated the company in 1972. Armington became its chairman, a position he held until his death in 1993. In early 2002, David M. Gabrielsen was appointed president and CEO of Ranpak replacing Steven E. Armington,{{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}} son of the co-founder.
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.{{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.}}
Ranpak's acquisitions include:
- Eco-Pak Industries,{{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}} a Kent, Washington–based company specializing in biodegradable and recyclable packing material{{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}} founded by entrepreneur and actor, John Ratzenberger, best known as Cliff Claven of Cheers. Ratzenberger held partial ownership for a period after the sale.{{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}}
- Geami, a packaging company in Raleigh, North Carolina, specializing in recyclable, paper-based materials.{{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}}
- e3neo, a French-based company specializing in automated packing and packaging machinery and inventory and logistics management software.{{cite journal |title=Ranpak Highlights Acquisition of French Packaging Automation Company e3neo |journal=Professional Services Close-Up |date=March 11, 2017 }}{{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}}
- 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{{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}}{{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 }} for over $100 million.{{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}} In December 2005, First Atlantic sold Ranpak to American Capital Strategies Ltd.,{{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}} which in turn sold Ranpak Corp to Odyssey Investment Partners in 2007.{{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}} Rhone Group acquired the company in 2014.{{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}}
In 2019, a group led by One Madison Group and its founder, Omar Asali, purchased Ranpak from Rhone Group for $950 million.{{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}} Asali, former co-head of Goldman Sachs Hedge Fund Strategies, is the current president and CEO.{{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}}
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.{{cite magazine |author=|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}}
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."{{cite magazine |author= |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}}