Dune Packaging Limited now expects to expand its local operations after securing equity investment from Ascent Rift Valley Fund II.
The investment which now makes Ascent, a private equity fund targeting small an medium size (SME), a minority shareholder in the business.
“After a well thought out transaction process, we were very comfortable with Ascent given their intimate understanding of the terrain and their excellent credentials of working alongside family businesses to unlock value. Their investment not only validates our market leadership but also provides us with the resources and expertise to pursue our growth objectives ambitiously,” said Rohin Chandaria, CEO Dune Packaging.
The fund says it aims to support Dune Packaging’s continued innovation, expansion into new markets, its already impressive Environmental, Social and Governance credentials and the enhancement of its operational capabilities.
“This investment will help further improve alignment of Dune Packaging’s operations with best practice environmental social and governance policies in line with the United Nations SDG goals. The investment adds to ARVF II’s record of supporting local manufacturing entities in Eastern Africa,” said Vinod Bussawah, Director at Ascent Capital Management Africa II Ltd.
The investment by Ascent Rift Valley Fund II marks a significant milestone in the packaging industry within Kenya and underscores the confidence of investors in the packaging sector and in the region’s economic potential.
The Transaction was led and managed by Tradeways, the specialist advisory boutique with a focus on the Middle East and Sub-Saharan Africa.
