NAIROBI, Kenya, May 5 – Packaging solutions provider Dune has announced a minority equity investment injection by Ascent Rift Valley Fund II.
The company says the move is anchored on bolstering growth and expanding its market presence.
Ascent Rift Valley Fund II aims to support Dune Packaging’s continued innovation as well as expansion into new markets.
This, it says, 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.
Dune’s CEO, Rohin Chandaria, while commenting on the development, asserted that the move is a testament to the confidence of investors in the packaging sector and in the region’s economic potential.
“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,” he said.
“Their investment not only validates our market leadership but also provides us with the resources and expertise to pursue our growth objectives ambitiously.”
On his part, Ascent Capital Management Africa II Director Vinod Bussawah lauded the partnership, promising to collaborate on shared commitments for the betterment of the organization.
”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,” said Bussawah.
“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,” he added.
