KENYA – Dune Packaging Ltd, a packaging solutions provider in East Africa, has secured KES1.6 billion (US$12.08m) in equity funding from Ascent Rift Valley Fund II (“Ascent”), an SME-focused Private Equity Fund in the region.
This investment marks a significant milestone for Kenya’s packaging industry, affirming investor confidence in the sector and the region’s economic potential.
With Ascent’s support, Dune Packaging aims to bolster its innovation, expand into new markets, enhance its environmental, social, and governance (ESG) practices, and strengthen operational capabilities.
Led by Tradeways, a specialist advisory boutique focusing on the Middle East and Sub-Saharan Africa, the transaction saw legal advisories from Bowmen, supporting Dune Packaging, and DLA Piper Africa, Kenya (IKM Advocates), representing Ascent.
Tradeways and Bowmen played instrumental roles in advising Dune Packaging, ensuring a smooth transaction process from strategic planning to execution.
Rohin Chandaria, CEO of Dune Packaging, expressed enthusiasm about the partnership with Ascent, highlighting their expertise in supporting family businesses and unlocking value.
“We welcome Ascent Capital Management Africa II as our strategic partner and investor. Their investment validates our market leadership and provides us with the resources and expertise to pursue our growth objectives ambitiously,” said Mr. Chandaria.
Vinod Bussawah, Director at Ascent Capital Management Africa II Ltd, emphasized their commitment to driving value creation and aligning operations with best practices in environmental, social, and governance policies.
“This investment aligns with our strategy of backing exceptional businesses with significant growth potential,” added Bussawah.
Uday Bhasin, Managing Director of Tradeways, commended the shareholder group’s strategic vision and the successful execution of the transaction, underscoring Ascent’s recognition of Dune Packaging’s potential and family business dynamics.
Dune Packaging has earned a reputation as a trusted partner across industries, offering tailored packaging solutions. Their focus on innovation, sustainability, and customer satisfaction has positioned them as a preferred choice in Kenya and beyond.
This transaction reflects increasing investor interest in Africa’s packaging industry, which is driven by urbanization, rising consumerism, and demand for packaged goods.
With Ascent’s backing and strategic guidance, Dune Packaging is poised to capitalize on market opportunities and solidify its position as a packaging leader in Kenya.
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