Ranpak Holdings Corp · NYSE:PACK
Ranpak — One Madison — SPAC Merger (May 2019)
6 slides from Ranpak's SPAC merger presentation, May 15, 2019
Slide 1: Structure Update
0 Structure Update
Slide 2: Caution About Forward-Looking Statements
CAUTION ABOUT FORWARD - LOOKING STATEMENTS The information in this press release may contain “forward - looking statements” within the meaning of Section 27A of the Securiti es Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Ex
Slide 3: Transaction structure update
Public investors 48% Anchor investors 25% Private placement 26% Sponsor promote 1% 2 Transaction structure update Note: The sources and uses of funds presented herein are forward - looking statements and reflect the Company’s current plans and expectations regarding financing for the business combin
Slide 4: Ranpak is a best-in-class asset with superior financial metrics
3 Ranpak is a best - in - class asset with superior financial metrics Sales growth Adj. EBITDA margin Return on tangible assets (3) (7%) (1%) 2% 2% 2% 3% 4% 4% 4% 5% 5% 5% 7% 9% CH Robinson ITW Ball Sealed Air Nordson Rockwell Automation IDEX Graco Aptar CCL Kuehne + Nagel Middleby Expeditors Ranpak
Slide 5: Ranpak valuation in perspective
4 Ranpak valuation in perspective Source: FactSet, market data as of 5/10/2019. Note: Sales growth shown on organic basis. (1) After tax adj. EBITA divided by tangible assets. Sales Growth and Valuation in Perspective EBITDA Margin and Valuation in Perspective Sales Growth 2018A - 2019E FV / 2019E E
Slide 6: Investment highlights
5 Investment highlights (1) FCF Conversion defined as Adj. EBITDA - Maintenance Capex / Adj. EBITDA. x Long - term sales growth – 7.3% 2015A to 2019E CAGR x e - Commerce led growth – 30%+ e - Commerce exposure x Industry - leading EBITDA margin – 32% 2018A Adjusted EBITDA Margin x High cash flow con
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