Ascent Rift Valley Fund II buys stake in Kenyan packaging business

Dune Packaging has announced a significant minority equity investment in its business.

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Dune Packaging, a packaging solutions provider in Kenya, has announced a significant minority equity investment in its business by the Ascent Rift Valley Fund II.

The transaction was led and managed by Tradeways, the specialist 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.

“We welcome Ascent Capital Management Africa II as our strategic partner and investor,” said Rohin Chandaria, CEO of Dune Packaging. “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.”

Commenting on the transaction, Vinod Bussawah, director at Ascent 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 capitalise on opportunities in the dynamic East African market.”

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