Ascent Rift Valley Fund II has bought a minority equity stake in Dune Packaging, a paper packaging manufacturer based in Kenya. The investment is expected to boost growth and expand the company’s market presence in East Africa.
With this investment, Ascent Rift Valley Fund II aims to support Dune Packaging’s innovation, expansion into new markets, ESG credentials, and the enhancement of its operational capabilities. The infusion of capital will also enable Dune Packaging to accelerate its organic and non-organic growth trajectory thereby solidifying its position as a market leader in the packaging sector across the East African region.
The Transaction was led and managed by Tradeways, an advisory boutique with a focus on the Middle East and Sub-Saharan Africa. Bowmans, with a team led by Paras Shah and Vruti Shah, were the legal advisors to Dune Packaging, whilst DLA Piper Africa, Kenya (IKM Advocates), led by David Lekerai and Deborah Sese, supported Ascent by conducting legal due diligence, drafting, and negotiating the investment documents, and managing the completion process.
Speaking at the media briefing announcing the investment, Rohin Chandaria, CEO Dune Packaging said, “We welcome Ascent Capital Management Africa II as our strategic partner and investor. 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.”
Also ommenting on the Transaction, Vinod Bussawah, Director at Ascent Capital Management Africa II Ltd stated, “We are excited to partner with Dune Packaging, a company with a strong track record of delivering high-quality packaging solutions. This investment aligns with our strategy of backing exceptional businesses with significant growth potential. We look forward to working closely with the management team to drive value creation and capitalize on opportunities in the dynamic East African market.”