Nili Capital Announces Sale of its Fresh Produce Packaging Platform – MAPfresh Holdings

Press release - February 02 2023

RA’ANANA, Israel – Nili Capital (“Nili”) announced the sale of MAPfresh Holdings (dba “StePac”), a leading provider of modified atmosphere packaging solutions for fresh produce, to GTCR-backed PPC Flexible Packaging (“PPC”). Nili acquired StePac from Johnson Matthey in 2020 and has seen revenues grow by 75% and EBITDA more than double during its hold period.

“It has been a tremendous partnership with CEO Asaf Shachnai and the rest of the StePac senior management team, from the moment of our initial investment,” said Ben Adler, a Partner with Nili Capital and former Director of StePac. “The StePac team was outstanding in executing its strategy of expanding its product offerings, diversifying into new high-growth end markets, and increasing customer wallet share to achieve an annual growth rate of over 50% in EBITDA during Nili’s ownership.”

“Nili has been instrumental in guiding StePac and helping us create and execute on an aggressive growth plan which we have exceeded at all levels,” said Asaf Shachnai. “Nili was the perfect partner for StePac, as their unique understanding of international expansion in the United States, support and encouragement of our value-creating initiatives, and strong network of contacts were integral to our success. Nili helped us focus on building the right foundation to enable StePac to become the market leader it is today and leaves us well-positioned to capitalize on opportunities for continued significant growth in the years ahead.”

Rafi Rosenberg, a Vice President with Nili, added, “While we are sad to part ways with StePac relatively early in our hold period, we are extremely pleased to see StePac evolve into a premier innovator of fresh produce packaging solutions and are confident that together with its deep pipeline of innovative new products and PPC’s larger distribution reach, StePac will generate exceptional growth and continued success in the future.”

Founded in 1992 and headquartered in Tefen, Israel, with operations across the United States and Brazil, StePac is a leading developer and manufacturer of high-quality, precision engineered modified atmosphere and modified humidity fresh produce packaging. StePac’s packaging technology, Xtend®, is tailor-made for each specific vegetable, fruit or herb ensuring extended shelf life while maintaining produce freshness, taste, and nutritional value. Its proven expertise, quality, and customer service results in maximized produce shelf-life, operational efficiency, and environmental sustainability.

PPC, headquartered in Buffalo Grove, Illinois, is a leader in printing and converting of flexible films, pouches, and other innovative packaging designs, including prototypes.  It is a recognized pioneer in cleanroom packaging for healthcare and medical applications, consumer snack and organic brands, specialty produce, pet, nutraceutical, bakery, and horticulture markets.

Mesirow served as financial advisor, and Blank Rome LLP and GKH Gross & Co. served as legal advisors to Nili and StePac. William Blair served as financial advisor and Kirkland & Ellis served as legal advisor to PPC.

About Nili Capital

Nili Capital is a private equity firm focused on small market buyouts, providing a unique solution to the hyper-competitive lower middle market. Utilizing an aggressive buy and build strategy, Nili aims to transform innovative Israeli and European platform companies into larger international companies through cross-border acquisitions in the US. Nili’s investment approach is to work with management teams to provide the necessary capital, network, and know-how to maximize growth. More information about Nili may be found at


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