Ranpak Acquired by Private Equity Fund

NEW YORK—Private equity fund Odyssey Investment Partners has acquired Ranpak Inc. from American Capital Strategies Ltd. Financial terms of the transaction were not disclosed.

Founded in 1972, Ranpak manufactures two types of paper converter machines—cushioning machines and void-fill machines. Headquartered in Concord Township, Ohio, Ranpak has facilities in Reno, Nev.; Heerlen, Netherlands; and Kansas City, Kan.

“Demand for Ranpak's packaging systems is growing steadily, and we expect to capitalize on a wide range of attractive growth opportunities,” says Brian Kwait, a managing principal of Odyssey Investment Partners. “We are excited to be partnering with Ranpak's experienced and proven management team to further build the value of the business."