Nili Capital acquires fresh produce packaging specialist StePac
Fresh produce packing specialists StePac has been acquired by Nili Capital Partners, an Israeli private equity fund.
As a provider of sustainable packaging solutions to the fresh produce industry, StePac will become the focus of Nili’s modified atmosphere packaging (MAP) platform, MAPfresh Holdings, Inc.
StePac was established in 1992 and is involved in the development, manufacturing and supplying of precision-engineered modified atmosphere and modified humidity fresh produce packaging.
The company is best known for its Xtend packaging product brand and has a portfolio of functional packaging solutions with formats that can help to “extend seasonality, support long-haul shipments, enhance quality and reduce waste in the fresh produce supply chain”, according to a press release.
“This acquisition marks a major step toward StePac’s goal of becoming the leading global force in MAP packaging solutions for fresh produce,” says Asaf Shachnai, CEO of StePac and MAPfresh Holdings.
“Nili will enable us to accelerate our inorganic growth as we seek additional acquisition opportunities in the industry,” he said.
“Secular trends in the fresh produce industry, new post-Covid norms and the push toward greater sustainability and environmentally friendly solutions attracted us to this category,” Josef Mandelbaum, general partner with Nili said.
The financial terms of the transaction have not been disclosed.