StePac is expected to support Nili Capital’s modified atmosphere packaging (MAP) platform, MAPfresh Holdings
Israeli private equity fund Nili Capital Partners has acquired fresh produce packaging specialist StePac for an undisclosed sum.
Established in 1992, StePac is engaged in the development, manufacturing and supplying of precision engineered modified atmosphere and modified humidity fresh produce packaging.
StePac is expected to support Nili’s modified atmosphere packaging (MAP) platform MAPfresh Holdings.
Nili Capital general partner Josef Mandelbaum said: “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.”
StePac offers its bulk and retail modified-atmosphere/modified-humidity packaging solutions under brands such as Xtend, Xflow and Xgo.
The company offers precision-engineered, lean, functional packaging solutions and formats that will help extend seasonality, support long-haul shipments, improve quality and minimise waste in the fresh produce supply chain.
StePac stated that its solutions reduce weight loss, slow respiration and ageing, as well as inhibit microbial decay and extend storability and shelf life.
StePac and MAPfresh Holdings CEO Asaf Shachnai said: “This acquisition marks a major step toward StePac’s goal of becoming the leading global force in MAP packaging solutions for fresh produce.
“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.”
In October 2019, StePac unveiled a four-pillared sustainability strategy for fresh produce packaging. The company has designed the advanced strategy to effectively mitigate the necessity of climate-positive plastic packaging and solve the major problem of food waste.