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Management Side
Odyssey Investment Partners Acquires Ranpak
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New York, New York, USA, 03 January 2008 -- Odyssey Investment Partners LLC announced today that it has acquired Ranpak Inc., a leading global manufacturer and marketer of "in-the-box" paper-based protective packaging, from American Capital Strategies Ltd. (Nasdaq: ACAS). Financial terms of the transaction were not disclosed.

Founded in 1972, Ranpak manufactures two principal types of paper converter machines - cushioning machines and void-fill machines - which are marketed through distributors to end-users who buy paper produced by Ranpak. The company's end-users include fulfillment and distribution centers and original equipment manufacturers (OEMs) in North America, Europe, and the Pacific Rim. Ranpak is headquartered in Concord Township, Ohio, and has facilities in Reno, Nevada; Heerlen, The Netherlands; and Kansas City, Kansas. Ranpak has more than 300 employees worldwide.

Brian Kwait, a managing principal of Odyssey Investment Partners, said: "We are delighted to acquire Ranpak, which has established a leading market position through innovation, product quality, and exceptional customer service on a global basis. Demand for Ranpak's packaging systems is growing steadily and we expect to capitalize on a wide range of attractive growth opportunities. We are excited to be partnering with Ranpak's experienced and proven management team to further build the value of the business."

Ranpak's management team invested alongside Odyssey in the transaction. American Capital and Apollo Investment Corporation provided debt financing in support of the transaction.

About Odyssey Investment Partners

Odyssey Investment Partners LLC, based in New York, is a leading middle-market private equity fund with more than USD 1.2 billion under management. Odyssey makes majority, control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing, business, financial and healthcare services, aerospace products, and localized and route-based service businesses. For further information about Odyssey, visit www.odysseyinvestment.com.

About American Capital

American Capital is the only alternative asset management company in the S&P 500. With USD 20 billion in capital resources under management, American Capital is the largest U.S. publicly traded private equity fund and one of the largest publicly traded alternative asset managers. American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from USD 5 million to USD 800 million per company in North America and EUR 5 million to EUR 500 million per company in Europe.

About Apollo Investment Corporation

Apollo Investment Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The company's investment portfolio is principally in middle-market private companies. From time to time, the company may also invest in public companies. The company invests primarily in senior secured loans and mezzanine loans and equity in furtherance of its business plan. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Management, L.P., a leading private equity investor.


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