Rhone Capital sells Ranpak to One Madison Corporation for $1.1bn.

One Madison Corporation, a special purpose acquisition company, today announced that it has signed a definitive agreement with affiliates of Rhône Capital pursuant to which OMAD will combine with Ranpak Corporation, the global leader in fiber-based, environmentally sustainable protective packaging solutions that safeguard products in commerce and industrial supply chains.. This transaction will introduce Ranpak as a publicly listed company with an anticipated enterprise value of approximately $1,089m. Under the terms of the transaction, One Madison will acquire Ranpak for $950m in cash, including the repayment of existing first lien and second lien debt. "We look forward to working closely with the One Madison team to combine their capital allocation expertise and deal-making acumen with our unique asset-light distribution model, track record of innovation, and industry-leading position to expand our customer base, product offering, and geographic reach.” Mark Borseth, Ranpak President and CEO.