Rhône Capital has acquired Ranpak, a maker of protective paper packaging systems, from Odyssey Investment Partners. The deal, for which Credit Suisse provided financing, is rumored to be worth as much as $1 billion. Ranpak operates fulfillment and distribution centers worldwide, employing more than 430 to serve over 24,000 end-users. Odyssey bought a majority stake in Ranpak in 2008 from American Capital, with Bratenahl Capital Partners co-investing. In May, Ranpak added on Geami, a maker of sustainable protective paper packaging materials.