Buyout firm Odyssey Investment Partners LLC is exploring a sale of Ranpak Corp that could value the company, one of the world's largest producers of protective paper packaging materials, at close to $1 billion, according to people familiar with the matter. Odyssey has hired investment banks Barclays Plc and Harris Williams & Co to run an auction for Ranpak, the people said this week. Ranpak has annual earnings before interest, taxes, depreciation and amortization of around $90 million, some of the people added.The people asked not to be identified because the process is not public. Odyssey and Barclays declined to comment, while Ranpak and Harris Williams representatives did not respond to requests for comment.Founded in 1972, Ranpak makes paper packaging products that protect and cushion items during shipping. It serves a variety of industries, including the industrial, automotive, medical, consumer products and technology sectors.Odyssey acquired the Concord Township, Ohio-based company in 2008 from American Capital Strategies Ltd. The purchase price was not disclosed at the time, but Weil, Gotshal & Manges LLP, a law firm that advised American Capital on the transaction, currently has the price tag of that deal on its website as $410 million.
Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Shares of BCS fell by 0.73% or $-0.12/share to $16.39. In the past year, the shares have traded as low as $15.32 and as high as $19.59. On average, 2768260 shares of BCS exchange hands on a given day and today's volume is recorded at 750576.
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