Rhone Capital LLC is buying Ranpak Holdings Inc. from Odyssey Investment Partners LLC.
Ranpak, headquartered in Concord Township, Ohio, provides paper-based systems for the packaging market, including cushioning, void-fill and wrapping products. The company’s users are based in North America, Europe and Asia. Terms of the transaction were not disclosed.
Rhone is a private equity firm that focuses on businesses that can expand to or within Europe. The firm has offices in London and New York.
New York-based Odyssey is a middle-market private equity firm with about $4 billion under management. The firm generally makes control investments in middle market companies. In February, the firm closed a $2 billion private equity fund.
The deal is one of many for packaging companies lately. Also in August, Charter Oak Equity and Peninsula Capital Partners bought a stake in Seaboad Folding Box Company LLC, and TriMas Corp.’s (Nasdaq: TRS) acquisition of Lion Holdings Pvt. Ltd. in July. For more on the sector, see “Lenders Show Love for Packaging.”