TakeoverPE & activists

PACKRanpak Holdings Corp.

Converted Paper & Paperboard Prods (no Contaners/boxes) · $273M market cap · 800 employees

8.0×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • High CEO pay despite TSRNo
    $2M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    2% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    88% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $416K · 42nd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    5.9 per 10K words · 85th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    8.4× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $273M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
May 3, 2019DEFM14ARack Holdings Inc.$10.0010%

Key numbers

Revenue
$333MFY2021: $384MFY2022: $276MFY2023: $285MFY2024: $316MFY2025: $333M
5.5% YoY
Operating margin
-7.3%FY2021: 3.2%FY2022: -15.4%FY2023: -2.6%FY2024: -4.1%FY2025: -7.3%
80% YoY
EBITDA
$42MFY2021: $86MFY2022: $27MFY2023: $62MFY2024: $53MFY2025: $42M
19% YoY
Net debt / EBITDA
8.4×
$355M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$384M$276M$285M$316M$333M 5.5% FY2021: $384MFY2022: $276MFY2023: $285MFY2024: $316MFY2025: $333M
Operating income$12M−$43M−$8M−$13M−$24M 90% FY2021: $12MFY2022: −$43MFY2023: −$8MFY2024: −$13MFY2025: −$24M
Net income−$3M−$41M−$27M−$22M−$38M 78% FY2021: −$3MFY2022: −$41MFY2023: −$27MFY2024: −$22MFY2025: −$38M
Operating cash flow$54M$1M$53M$41M$23M 44% FY2021: $54MFY2022: $1MFY2023: $53MFY2024: $41MFY2025: $23M
Capex$55M$45M$55M——FY2021: $55MFY2022: $45MFY2023: $55M
Stock-based comp$23M$18M−$10M$6M$8M 21% FY2021: $23MFY2022: $18MFY2023: −$10MFY2024: $6MFY2025: $8M
Buybacks$0————

13D filers

FiledFilerFormStakeIntent
Jan 29, 2025JS Capital Management LLCSCHEDULE 13D/A73.4%Passive
Sep 13, 2024JS Capital Management LLCSC 13D/A38.0%Passive
Dec 27, 2021ASALI OMARSC 13D/A5.0%Passive
Feb 3, 2021JS Capital Management LLCSC 13D/A43.4%Passive
Sep 10, 2020JS Capital Management LLCSC 13D/A43.5%Passive
Aug 7, 2020JS Capital Management LLCSC 13D/A48.1%Passive
Dec 13, 2019JS Capital Management LLCSC 13D/A48.3%Passive
Jun 13, 2019ASALI OMARSC 13D11.9%Passive
Jun 13, 2019JS Capital Management LLCSC 13D55.2%Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$2M−$1M4088
FY2024$2M$515K51103
FY2023$3M$733K4392
FY2022$1M−$35M4387
FY2021$23M$42M280109