Press release

Ascent Rift Valley Fund II Secures Significant Minority Stake in Kenya’s Leading Packaging Business

May 3, 2024

Nairobi, Kenya – May 03, 2024 – In a strategic move to bolster growth and expand its market presence, Dune Packaging Ltd, a leading packaging solutions provider in East Africa has announced a significant minority equity investment in its business by Ascent Rift Valley Fund II (“Ascent”), the premier SME focused Private Equity Fund in East Africa (the “Transaction”).

The investment by Ascent Rift Valley Fund II marks a significant milestone in the packaging industry within Kenya and underscores the confidence of investors in the packaging sector and in the region’s economic potential.

With this investment, Ascent Rift Valley Fund II aims to support Dune Packaging’s continued innovation, expansion into new markets, its already impressive ESG credentials and the enhancement of its operational capabilities. The infusion of capital will 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, 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. 

Tradeways, together with Bowmans, played a critical role in advising the shareholders of Dune Packaging and the company itself from initial strategic thinking, preparation, negotiation, and transaction execution. Their expertise and support were instrumental in ensuring a smooth and successful outcome for all parties involved. On its part and in addition to DLA Piper Africa, Ascent was also advised by Deloitte and Viva Africa Consulting LLP. 

“We welcome Ascent Capital Management Africa II as our strategic partner and investor,” said Rohin Chandaria, CEO 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 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. This investment will help further improve alignment of Dune Packaging’s operations with best practice environmental social and governance policies in line with the United Nations SDG goals. The investment adds to ARVF II’s record of supporting local manufacturing entities in Eastern Africa.”

“Executing transactions of this nature have their inherent challenges. However, in this instance, it was a pleasure to help the well organised shareholder group in defining their strategic vision and guiding the executing this transaction from initial valuation to closing successfully with Ascent, who clearly understand the potential of the business and family business dynamics.” Said Uday Bhasin, Managing Director of Tradeways.

Dune Packaging has established itself as a trusted partner for businesses across various industries, offering a diverse range of packaging solutions tailored to meet the unique needs of its clients. The company’s commitment to innovation, sustainability, and customer satisfaction has positioned it as a preferred choice for packaging requirements in Kenya and beyond.

The Transaction reflects the growing investor interest in Africa’s packaging industry, driven by the region’s rapid urbanization, rising consumerism, and increasing demand for packaged goods. By leveraging Ascent’s financial backing and strategic guidance, Dune Packaging is poised to capitalize on these favourable market dynamics and further strengthen its position as a packaging powerhouse in Kenya.

About Dune Packaging Ltd

Dune Packaging Ltd is a leading regional paper packaging manufacturer, based in Kenya. The company has been in business for over 20 years and has a proven track record of providing its customers with the highest quality products and services.  In addition to manufacturing custom printed paper bags, the company also offers a variety of other services, including design and printing, assembly and fulfillment, and logistics and shipping. The company is also the sole shareholder of Tiger Packaging Ltd, which is engaged in the production of polypropylene woven sacks.

 For more information visit

About Ascent Capital Management Africa II

Ascent Rift Valley Fund II LP (“ARVF II”) is a Mauritian USD 128 million private equity fund whose focus is to invest in East Africa targeting small and medium sized companies (SMEs).  ARVF II LP seeks to invest in scalable fast-growing enterprises with investments amounts ranging between USD 4 million to USD 15 million per Investee Company. 

Ascent Capital Management Africa II Ltd (“Ascent Capital”) is the exclusive investment adviser to ARVF II. 

About Tradeways

Tradeways is a Dubai-based strategic advisory and corporate finance business that is focused on Middle East, Asia and Africa. They leverage their significant experience and relationships across these regions to deliver high quality and practical advice to families and businesses. Tradeways counts some of the leading families and businesses in these regions as their clients.