Israel-based packaging company StePac L.A., Ltd. has been acquired by Nili Capital Partners, an Israeli private equity fund.
StePac will form the nucleus of Nili’s modified atmosphere packaging (MAP) platform, MAPfresh Holdings, Inc., according to a news release.
“This acquisition marks a major step toward StePac’s goal of becoming the leading global force in MAP packaging solutions for fresh produce,” Asaf Shachnai, CEO of StePac and MAPfresh Holdings, said in the release. “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.”
StePac, according to the release, is well-known for its Xtend packaging product brand, and has broad portfolio of packaging solutions and formats that help extend seasonality, support long-haul shipments, enhance quality, and reduce waste in the fresh produce supply chain.
“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 in the release. “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.”
