Private equity firm Rhône Group has signed an agreement to acquire ‘in-the-box’ protective packaging manufacturer Ranpak Holdings from Odyssey Investment Partners.

Though the financial terms of the deal have not been disclosed, the Wall Street Journal has reported that the deal could value the packaging firm at around $900m, including debt.

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Subject to customary closing conditions, the transaction is expected to be completed in the third quarter of 2014.

Based in Ohio, Ranpak produces paper-based packaging and supplies to around 24,000 companies in the electronics, food and beverage, and pharmaceutical industries.

"Subject to customary closing conditions, the transaction is expected to be completed in the third quarter of 2014."

In 2008, Odyssey acquired Ranpak from American Capital Strategies. In 2013, the packaging company issued new loans, partly to fund a dividend of $101m to Odyssey, according to S&P Capital IQ.

Ranpak, which was founded in 1972, is based in Concord Township, Ohio, and has more than 430 employees worldwide.

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In May 2014, Ranpak completed the acquisition of Geami, a manufacturer of sustainable protective paper packaging materials and solutions.

Odyssey Investment Partners is a middle-market private equity firm with around $4bn under management and has offices in New York and Los Angeles.

Recently, Reynolds Group Holdings has begun a strategic review, which may explore the possibility of sale of its three business units, Evergreen Packaging, Closure Systems International and SIG Combibloc.