Israeli private equity fund, Nili Capital Partners, has acquired fresh produce packaging manufacturer StePac.
StePac offers a range of packaging formats for fresh produce, with modified atmosphere properties for extending the shelf life of different items.
The company’s portfolio encompasses options to support different stages of the supply chain, including long-haul shipments and retail shelf storage. StePac also offers a broad range of films.
Under its new ownership, StePac will form the nucleus of Nili’s modified atmosphere packaging (MAP) platform, MAPfresh Holdings.
“This acquisition marks a major step towards StePac’s goal of becoming the leading global force in MAP packaging solutions for fresh produce,” said Asaf Shachnai, CEO of StePac and MAPfresh Holdings.
“Our unwavering focus on product quality, innovation and customer service drives our strong organic growth, and Nili will enable us to accelerate our inorganic growth as we seek additional acquisition opportunities in the industry.”
Josef Mandelbaum, general partner with Nili, added: “Secular trends in the fresh produce industry, new post-Covid norms, and the push towards greater sustainability and environmentally friendly solutions attracted us to this category.
“StePac’s strong management team, with more than 25 years of experience in post-harvest science in the fresh produce industry and a history of strong innovation, secured our belief that it was the right company to anchor our MAP platform.”
The financial terms of the transaction have not been disclosed.
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