Davis Polk is advising One Madison Corporation on its acquisition of Ranpak Corporation from affiliates of Rhône Capital. The transaction will introduce Ranpak as a publicly listed company with an anticipated enterprise value of approximately $1.089 billion. The transaction is expected to close in spring 2019, subject to approval by One Madison Corporation’s shareholders as well as regulatory approvals and other customary closing conditions.

One Madison Corporation is a special purpose acquisition company, launched in 2018, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Founded in 1972, Ranpak’s goal was to create the first environmentally responsible system to effectively protect products during shipment.

The Davis Polk corporate team includes partner Lee Hochbaum and associates John B. Weinstein and Brian Russell. Partner David H. Schnabel and associate Anne E. McGinnis are providing tax advice. Partner Sartaj Gill and associate Michael Fan are providing credit advice. Partner Veronica M. Wissel is providing executive compensation advice. Partner John B. Meade and associate Cameron C. Lewis are providing capital markets advice. All members of the Davis Polk team are based in the New York office.