Who Owns Ranpak Company?

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Who Owns Ranpak?

Understanding a company's ownership is key to its market strategy. Ranpak became publicly traded in June 2019 via a merger with One Madison Corporation, a SPAC. Founded in 1972 as 'Ranpak', the company aimed to create eco-friendly product protection systems.

Ranpak, now NYSE: PACK, is a global leader in sustainable paper-based packaging, serving e-commerce and industrial sectors. In 2024, net revenue reached $368.9 million, a 9.7% increase from 2023, highlighting its strong market presence in eco-friendly alternatives.

The company's journey from its founding to its current public status involved significant ownership shifts. This includes its early private ownership, the transition to public trading, and subsequent changes in its shareholder base. Examining these dynamics offers insight into Ranpak's governance and future direction, including its innovative Ranpak PESTEL Analysis.

Ranpak's journey began in 1972, incorporated by Raymond Q. Armington and George R. Johnson in Painesville, Ohio. Johnson's 1970 patent for a machine that transformed kraft paper into shock-absorbing material laid the groundwork for the company's innovation in protective packaging. Armington, an entrepreneur and engineer, served as chairman until his passing in 1993.

Founding Innovators

George R. Johnson patented a key packaging machine in 1970. Raymond Q. Armington, an engineer, was instrumental as chairman for many years.

Early Private Ownership

For its initial decades, Ranpak operated as a privately held company. This period saw several changes in ownership before its public market debut.

Private Equity Transitions

The company experienced multiple private equity ownership changes. These transitions included acquisitions by First Atlantic Capital, American Capital Strategies Ltd., Odyssey Investment Partners, and Rhone Group.

Pre-IPO Ownership

Rhone Group held ownership of Ranpak from 2014 until the company's significant public offering in 2019. This period maintained its status as a privately owned entity.

Initial Capital Information

Specific details regarding the initial equity split or the exact capital and funding at the company's inception are not publicly disclosed.

Strategic Influence

The various ownership changes through private equity played a role in shaping the company's growth and strategic direction over different investment cycles.

The ownership history of Ranpak prior to its public listing highlights a pattern of private equity involvement, with the company being acquired by First Atlantic Capital in late 2001 for over $100 million. This was followed by a sale to American Capital Strategies Ltd. in December 2005, which then divested the company to Odyssey Investment Partners in 2007. The Rhone Group acquired Ranpak in 2014, maintaining its private status until the 2019 public offering. These transactions underscore the dynamic nature of Ranpak's corporate structure through various investment phases, influencing its path to becoming a publicly traded entity. Understanding this Target Market of Ranpak is key to grasping its evolution.

Key Ownership Milestones

Ranpak's ownership has transitioned through several private equity firms, reflecting its strategic value and growth potential in the packaging sector.

• Incorporated in 1972 by Raymond Q. Armington and George R. Johnson.
• Acquired by First Atlantic Capital in 2001 for over $100 million.
• Sold to American Capital Strategies Ltd. in 2005.
• Acquired by Odyssey Investment Partners in 2007.
• Rhone Group acquired the company in 2014.
• Maintained private ownership until its public offering in 2019.

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A significant shift in Ranpak's ownership occurred in June 2019 when it became a publicly traded entity on the NYSE under the ticker PACK. This transition was facilitated by a business combination with a special purpose acquisition company, leading to its renaming as Ranpak Holdings Corp.

As of August 2025, institutional investors are the dominant holders of Ranpak stock, controlling approximately 81.63% of the company's shares. Among these, JS Capital Management LLC stands out as the largest shareholder with a stake of 36.19%, representing 30.53 million shares valued at $129.45 million. Other significant institutional investors include G2 Investment Partners Management LLC (5.52%), Soros Capital Management Llc (5.49%), BlackRock, Inc. (3.75%), Dimensional Fund Advisors LP (3.58%), ArrowMark Colorado Holdings LLC (3.42%), Petrus Trust Company, LTA (3.40%), and Vanguard Group Inc (3.13%). The company's CEO and Chairman, Omar Asali, also maintains a substantial ownership interest of about 5.64%, equating to 4.75 million shares. The corporate structure saw all Class C common stock convert to Class A common stock by the end of 2024, aligning the equity structure.

Understanding Ranpak's Ownership Structure

Ranpak's ownership is largely concentrated in the hands of institutional investors, reflecting broad market confidence. Key stakeholders include major investment firms and the company's leadership.

• Institutional investors hold over 81% of Ranpak shares.
• JS Capital Management LLC is the largest shareholder with 36.19%.
• CEO Omar Asali holds a significant stake of approximately 5.64%.
• The company transitioned to public ownership via a SPAC merger in 2019.
• Understanding Ranpak's ownership structure provides insight into its governance and strategic direction, similar to how one might analyze the Revenue Streams & Business Model of Ranpak.

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The governance of Ranpak Holdings Corp. is overseen by its Board of Directors, with Omar Asali serving as both Chairman and CEO as of August 2025. Mr. Asali's role is closely tied to One Madison Group, LLC, a key entity in the company's public market journey. The board composition includes other significant figures such as Thomas F. Corley, Salil Seshadri, Alicia Tranen, Victoria L. Dolan, Robert King, Michael Jones, Pamela El, and Kurt Zumwalt, with Salil Seshadri also representing One Madison Group, LLC.

Ranpak's voting power is structured around a one-share-one-vote principle for its Class A common stock. This clarity in voting rights was further solidified by the conversion of all Class C common stock into Class A common stock by December 31, 2024. This strategic move eliminated any differential voting rights previously associated with dual-class shares, creating a more unified shareholder voting framework. While recent reports from 2024-2025 do not highlight significant proxy contests or activist investor actions, the simplified equity structure provides a straightforward mechanism for shareholder participation in corporate decisions.

Understanding Ranpak's Ownership Structure

Ranpak Holdings Corp. operates with a clear voting structure, ensuring equitable shareholder influence. The recent consolidation of its stock classes simplifies how investors participate in the company's direction.

• One-share-one-vote for Class A common stock.
• Class C common stock converted to Class A as of December 31, 2024.
• Elimination of special voting rights from dual-class shares.
• Streamlined equity structure enhances shareholder engagement.
• Learn more about the Brief History of Ranpak.

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Ranpak Holdings Corp. has undergone significant shifts in its ownership and corporate structure over the past few years, reflecting strategic financial maneuvers and a focus on shareholder value. These developments are crucial for understanding the current Ranpak ownership landscape.

Recent financial performance and strategic initiatives underscore the evolving Ranpak Holdings ownership. For the full year 2024, the company reported net revenue of $368.9 million, a 9.7% increase from 2023, with projections for 50% growth in its Automation segment for 2025. The first quarter of 2025 saw a 6.9% rise in net revenue to $91.2 million year-over-year. These figures highlight the company's operational momentum, which directly influences investor confidence and, consequently, ownership trends. The strategic focus for 2025 includes increasing volumes, scaling automation, and enhancing cash generation to achieve a net debt to Adjusted EBITDA leverage ratio below 3.0x. This financial discipline is a key consideration for current and potential Ranpak major shareholders.

Institutional Investor Dominance

Institutional investors hold over 80% of Ranpak's shares. This significant stake indicates a strong presence of large financial entities in Ranpak stock ownership.

Simplified Corporate Structure

The full conversion of Class C common stock to Class A common stock by the end of 2024 has simplified Ranpak's corporate structure. This move aims to create a more unified and straightforward Ranpak company ownership breakdown.

Strategic Customer Alignment

A warrant transaction with a major customer in January 2025 demonstrates a strategy to align economic interests. This partnership is key to supporting continued organic growth and influences the perception of who controls Ranpak Holdings Corporation.

Shareholder Value Focus

The renewal of a share repurchase program in July 2025, allowing for up to $50 million in buybacks, signals a commitment to returning value to shareholders. This action is a significant aspect of understanding Ranpak's ownership structure and governance.

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