Strategic Investment From Private Equity Fund Ascent Secured By Dune Packaging.
Posted on : Wednesday , 8th May 2024
East African packaging solutions company Dune Packaging Ltd. has announced a collaboration with Ascent Rift Valley Fund II ("Ascent"), the region's SME-focused private equity fund.
Ascent wants to help Dune Packaging innovate, grow into new markets and strengthen its environmental, social and governance (ESG) credentials as part of the deal.
CEO of Dune Packaging Rohin Chandaria said he was excited about the relationship: "We are happy to have Ascent Capital Management Africa II as a strategic partner and investor. Their investment not only confirms our dominance in the market but also gives us the means and know-how to aggressively pursue our expansion goals."
Director at Ascent Capital Management Africa II Ltd. Vinod Bussawah made the following statement regarding the deal: "We are thrilled to work with Dune Packaging, a business that has a solid reputation for providing high-quality packaging solutions. This investment is consistent with our approach of supporting outstanding companies that have much room to grow."
Tradeways, a specialised consultancy boutique with a focus on the Middle East and Sub-Saharan Africa, mediated the transaction. Bowmans supplied Dune Packaging with legal advice and DLA Piper Africa, Kenya (IKM Advocates) assisted Ascent with the deal.
The partnership was commended by Uday Bhasin, Managing Director of Tradeways, who noted that "executing transactions of this nature have their inherent challenges."
But in this case, Bhasin continued, it was a pleasure to assist the well-organized shareholder group in articulating their strategic vision and directing the transaction's execution.
Ascent's financial support and strategic direction will enable Dune Packaging to take advantage of Africa's expanding packaging market and maintain its leadership position in Kenya and beyond.
It is anticipated that this investment will quicken Dune Packaging's growth trajectory and support the expansion of the packaging sector in East Africa.
