Dune Packaging Ltd, a leading provider of packaging solutions in East Africa, has announced a substantial minority equity investment from Ascent Rift Valley Fund II (“Ascent”), a prominent SME-focused Private Equity Fund in East Africa. This strategic move aims to bolster growth and expand market presence within the region.
The investment signifies a significant milestone in Kenya’s packaging industry, highlighting investor confidence in the sector’s potential and the region’s economic growth trajectory. As part of the deal, Ascent Rift Valley Fund II will support Dune Packaging’s innovation, market expansion, environmental, social, and governance (ESG) initiatives, and operational enhancements.
Rohin Chandaria, CEO of Dune Packaging, expressed enthusiasm about the partnership, stating, “We welcome Ascent Capital Management Africa II as our strategic partner and investor. Their investment not only validates our market leadership but also provides us with the resources and expertise to pursue our growth objectives ambitiously.”
Vinod Bussawah, Director at Ascent Capital Management Africa II Ltd, echoed Chandaria’s sentiments, emphasizing their commitment to backing exceptional businesses with significant growth potential. He highlighted the alignment of this investment with Ascent’s strategy and its focus on supporting local manufacturing entities in Eastern Africa.
Tradeways, a specialist advisory boutique, played a crucial role in facilitating the transaction, along with legal advisors Bowmans and DLA Piper Africa, Kenya. Uday Bhasin, Managing Director of Tradeways, lauded the shareholder group’s strategic vision and the successful execution of the transaction.
The partnership comes at a time when Dune Packaging has solidified its position as a preferred packaging solutions provider, known for its commitment to innovation, sustainability, and customer satisfaction. With growing investor interest in Africa’s packaging industry, fueled by urbanization and rising consumerism, Dune Packaging is well-positioned to capitalize on these opportunities with the support of Ascent Rift Valley Fund II.
