• StePac is a leader in highly technical fresh produce packaging solutions, including modified atmosphere packaging and modified humidity packaging solutions
• The transaction executed by Mesirow highlights the firm’s expertise within the flexible packaging space, serving private equity-owned companies and executing cross-border transactions

CHICAGO, February 2, 2023 – Mesirow, an independent, employee-owned financial services firm, announced it acted as exclusive financial advisor to MAPFresh Holdings Inc. (dba “StePac”) (“StePac” or the “Company”), a portfolio company of Nili Capital, on its sale to PPC Flexible Packaging (“PPC”), a portfolio company of GTCR LLC.

StePac is a global leader in highly technical fresh produce packaging solutions. Based in Tefen, Israel, the Company specializes in modified atmosphere packaging (“MAP”) and modified humidity (“MH”) packaging solutions for a global customer base. Utilizing extensive material science expertise, StePac’s patented, custom-engineered packaging solutions extend shelf life by keeping produce free from excess moisture and enabling long-distance distribution of fruits and vegetables. These capabilities support sustainable packaging solutions that reduce plastic usage, prevent food waste and spoilage, minimize carbon emissions and provide expanded supply chain benefits. StePac operates through a network serving customers in over 40 countries across nearly every continent. 

Asaf Shachnai, CEO of StePac, said, “Over the years our team and I have built StePac to be a global leader in vertically integrated sustainable packaging for many specialty produce items. Our technologies help deliver produce to customers world-wide through best-in-class, sustainable shelf-life extension and preservation. Mesirow’s industry knowledge and relationships were instrumental in identifying PPC Flexible Packaging as the ideal partner to support our continued expansion and innovation in this rapidly growing segment.”

“Mesirow was honored to represent StePac throughout this exciting transaction,” said Melanie Yermack, Managing Director in Investment Banking at Mesirow. “The combination of StePac and PPC creates a global leader in sustainable MAP solutions for the fresh produce industry. We look forward to watching StePac’s continued success in partnership with PPC.”

Commenting on the transaction, David DiMatteo, a Managing Director with Mesirow based in London said, “This represents another successful cross-border sell-side where Mesirow has utilized its global reach to market and execute a successful exit for our client.”

About Mesirow 

Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with locations around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets and Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities, and our culture. To learn more, visit mesirow.com and follow us on LinkedIn.

Mesirow was recently named one of the Best Places to Work in Chicago by Crain’s Chicago Business and one of the Top 100 RIA firms by Barron’s.

About StePac

StePac’s mission is to provide fresh-produce packaging and post-harvest handling guidance that enable extended produce shelf life, exemplary esthetics, and eco-positivity. 

We offer a unique multidisciplinary approach combining a profound understanding of the interaction between produce physiology and pathology, prevailing supply chain conditions, and packaging design. As a result, every packaging solution we provide is accompanied by handling procedures designed to ensure maximum freshness over time. Learn more: stepac.com

About PPC Flexible Packaging

Headquartered in Buffalo Grove, Illinois. PPC Flexible Packaging™ has steadily grown and evolved, both organically and through acquisition, into a premier high-quality flexible packaging manufacturer. We are a dynamic team of design and packaging professionals dedicated to providing creative packaging solutions. Our capabilities and speed to market have always been our greatest strength—establishing us a trusted leader within our consumer and cleanroom markets. Learn more: ppcflex.com

Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle(s). Mesirow Financial, Inc. is not affiliated with MAPFresh Holdings Inc, StePac, PPC Flexible Packaging, Susquehanna Private Capital, GTCR or their affiliates. Past performance is not indicative of future results. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries, and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc. © 2023. All rights reserved. Securities offered through Mesirow Financial, Inc. member FINRA, SIPC.

2022 Crain’s Best Places to Work (Received August 2022 reflective of previous 12 months – Licensing fees paid post award for use of the ranking). Best Companies Group (BCG), an independent workplace excellence research firm, conducted a two-part survey. Part one, consisted of an employer questionnaire, used to collect information about benefits, policies, practices, and other general information. Part two was a confidential 77-question employee survey used to evaluate local employee’s workplace experience and culture. Rankings and/or recognition by unaffiliated rating services and/or publications are not indicative of a firm’s future performance nor do they evaluate the quality of services provided to clients or guarantee that he/she will experience a certain level of results if Mesirow is engaged, or continues to be engaged, to provide investment advisory services, nor should they be construed as a current or past endorsement of Mesirow by any of its clients.

2022 Barron’s Top RIAs (Received September 2022 for the year 2021 – Licensing fees paid post award for use of the ranking). In order to be considered for the Barron’s 2022 Top RIA Firms list, applicants were required to complete a 145-question survey, with the firm’s ADV informing the majority of responses. Firms were also required to meet a number of other specified requirements to be eligible for inclusion. Firms were ranked based on various qualitative and quantitative factors, including assets managed, the size and experience of teams, regulatory records of the advisors and firms, technology spending, staff diversity, organic and M&A growth, client segmentation as well as succession planning. Rankings and/or recognition by unaffiliated rating services and/or publications are not indicative of a firm’s future performance nor do they evaluate the quality of services provided to clients or guarantee that he/she will experience a certain level of results if Mesirow is engaged, or continues to be engaged, to provide investment advisory services, nor should they be construed as a current or past endorsement of Mesirow by any of its clients.