Ranpak Holdings Corp.

PACK

$4.38

-0.90%

N/A-$0.04

Consumer Cyclical

Packaging & Containers

NYSE

Active Trading

Ranpak Holdings Corp., established in 1972 and headquartered in Concord Township, Ohio, specializes in crafting product protection solutions for both e-commerce and ...

Supply Chain of PACK

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Mondi plc

Stora Enso Oyj

Creapaper GmbH

Rabot (AI technology partner)

Various Automation Component Suppliers (Motors, Sensors, Electronics, Steel Fabricators)

Forestry & Pulp Suppliers

International Paper Company

NYSE:IP

Kraft paper supplier — potential largest single-source provider of raw kraft paper rolls converted into protective packaging consumables

Smurfit WestRock plc

NYSE:SW

Kraft paper and paperboard supplier — one of the world's largest integrated paper-based packaging manufacturers; potential supplier of raw paper rolls

Mondi plc

LSE:MNDI

Kraft paper supplier — leading global packaging and paper group; potential supplier of specialty kraft paper grades used in protective packaging

Stora Enso Oyj

HEL:STERV

Renewable paper and board supplier — potential European supplier of kraft paper and recycled fiber materials

Creapaper GmbH

Grasspaper raw material supplier — Ranpak made a strategic investment in 2021; supplies grass-based paper substrate as a sustainable alternative fiber source

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Medline Industries, LP

Thalia Bücher GmbH

Crown Packaging Corp.

Macfarlane Group PLC

The M. Conley Company

Amazon.com, Inc.

NASDAQ:AMZN

Largest customer and strategic partner — signed an 8-year strategic warrant agreement in January 2025 for $400M covering up to 18.7 million shares; Ranpak's automation and paper packaging solutions deployed across Amazon fulfillment centers

Walmart Inc.

NYSE:WMT

Major e-commerce automation customer — signed multi-year agreement in August 2025 to deploy Ranpak AutoFill systems across Walmart's Next Generation Fulfillment Centers (Chicago, Dallas, Philadelphia, Sacramento); estimated $700M+ revenue opportunity over the next decade

Medline Industries, LP

Healthcare distribution partner — expanded partnership in January 2026 to automate packaging across high-volume medical-surgical distribution centers using Cut'it! EVO and Form'it! systems

Thalia Bücher GmbH

European book retailer — signed strategic partnership in May 2025 to install automated packaging systems across 500+ stores and e-commerce operations in the DACH region

Crown Packaging Corp.

Authorized distributor of Ranpak paper products (FillPak, PadPak, Geami) and RecyCold cool packs across North America

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Mondi plc

Macfarlane Group PLC

International Paper Company

NYSE:IP

Largest integrated kraft paper producer in North America and potential key supplier to Ranpak. Directly exposed to the same kraft paper pricing and supply dynamics that drive Ranpak's raw material costs.

Smurfit WestRock plc

NYSE:SW

One of the world's largest paper-based packaging manufacturers; potential kraft paper supplier to Ranpak. Integrated across the paper value chain and representative of the broader protective packaging ecosystem.

Sonoco Products Company

NYSE:SON

Direct competitor in protective packaging (though Sonoco divested its protective solutions division in 2024); also a major consumer of kraft paper and recycled fiber, operating in adjacent end-markets.

Mondi plc

LSE:MNDI

European kraft paper and packaging leader; potential supplier to Ranpak's European operations. Exposed to same European regulatory environment and paper cost dynamics.

Macfarlane Group PLC

LSE:MACF

UK-based protective packaging distributor that resells Ranpak products; provides downstream demand signal for Ranpak's UK/European consumables business.

Geographic

Region-level exposures that can distort the supply network.

Geographic

North America

Europe (EU/UK)

Asia-Pacific

Amazon.com, Inc.

Walmart Inc.

Medline Industries, LP

Thalia Bücher GmbH

Macfarlane Group PLC

North America

Primary revenue and manufacturing base — 60%+ of revenue generated in North America; two of four manufacturing facilities located in Nevada and Missouri. Largest customers (Amazon, Walmart) concentrated in US.

Amazon.com, Inc.NASDAQ:AMZNLargest customer; fulfillment centers across the US

Walmart Inc.NYSE:WMTMajor automation customer; next-gen fulfillment centers in 5 US metro areas

Medline Industries, LPHealthcare distribution partner across US distribution centers

Europe (EU/UK)

Secondary revenue base (~35-40% of revenue); manufacturing facilities in Netherlands and Czech Republic. European paper sourcing subject to EU regulatory changes (sustainability, carbon pricing, deforestation regulations).

Thalia Bücher GmbHBook retailer partnership; 500+ stores across DACH region

Macfarlane Group PLCLSE:MACFUK and Ireland distributor of Ranpak products

Asia-Pacific

Minimal current presence but growing. Ranpak has identified APAC as a strategic expansion region. Currently lacks manufacturing footprint in region, relying on exports from North America/Europe.

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Other

Critical

Extreme supplier concentration in kraft paper procurement — Ranpak's largest single paper mill supplied approximately 60% of raw paper in 2025 (down from ~73% in 2024). Any disruption at this mill would severely impact production. Only ~27-30 qualified paper suppliers globally.

Customer

Critical

Customer concentration risk — Amazon is Ranpak's single largest customer. The 8-year strategic deal with Amazon (including a $400M warrant) creates significant revenue dependency. Loss or reduction of Amazon business would materially impact financials.

Foundry

High

Manufacturing concentration — all paper converting and machine assembly occurs across only 4-5 facilities (Nevada, Missouri, North Carolina, Netherlands, Czech Republic). A single-site disruption (fire, flood, labor dispute) would materially impact global supply.

Other

High

Kraft paper price volatility — paper is Ranpak's primary raw material input (151,158 metric tons in 2024). Significant increases in global pulp/paper pricing (due to energy costs, wood fiber shortages, or demand cycles) compress margins without ability to fully pass through costs.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Paper Consumables (Void-fill, Cushioning, Wrapping, Cold Chain)

78.6%

$0.3B

Drives demand for kraft paper and recycled fiber as primary raw material inputs; ~151,158 metric tons of raw paper procured in 2024. High volume dependency on a single large paper supplier (~60% of supply from one mill in 2025).

Machine Lease / Equipment Revenue

15.3%

$0.1B

Drives demand for electronic components, motors, sensors, structural steel, and packaging for automated conversion machines. Growing rapidly (+112.7% YoY in Q1 2026), indicating increased upstream demand for automation components.

Product and Service, Other (Parts, Maintenance, Installation)

6.1%

$0.0B

Service-related; requires maintenance parts inventory and field service logistics. Less direct material intensity.

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