Global paper packaging manufacturer Dune Packaging has secured a minority equity investment from Ascent Rift Valley Fund II.

The development follows the receipt of unconditional approval for the proposed acquisition of minority control in Dune Packaging by Ascent Capital Holdings Africa II.

The investment, which makes Ascent a minority shareholder in the business, will bolster Dune’s organic and non-organic growth.

It will also strengthen its position in the packaging sector across the East African region.

Dune Packaging specialises in manufacturing paper packaging material, customised to meet customers’ individual needs.

Dune Packaging CEO Rohin Chandaria was quoted as saying: “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.”

Ascent's investment aims to foster Dune Packaging's innovation, market expansion, and improvement of its Environmental, Social, and Governance (ESG) credentials.

This strategic move is expected to accelerate Dune Packaging's growth both organically and through other ventures.

Ascent Capital Management Africa II director Vinod Bussawah said: “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.”

Specialist advisory boutique Tradeways managed the transaction.

"Ascent acquires minority stake in Dune Packaging " was originally created and published by Packaging Gateway, a GlobalData owned brand.

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