Exhibit 21.1

SUBSIDIARIES OF RANPAK HOLDINGS, CORP.

Name of Subsidiary	Jurisdiction of Organization
Ranger Pledgor, LLC	Delaware
Ranpak Corp.	Ohio
Kapnar Holdings B.V.	Netherlands
Ranpak B.V.	Netherlands
Ranpak KK	Japan
Ranpak Packaging Technology Co. Ltd.	China
Ranpak Pte. Ltd.	Singapore
Ranpak CZ B.V.	Netherlands
Ranpak s.r.o.	Czech Republic
Ranpak Brasil Productos e Servicos de
Embalogem Ltda.	Brazil