Ascent Rift Valley Fund (ARVF) is set to increase its presences in the Kenyan economy, following its recent deal to acquire Metro Plastics Kenya Limited.
The deal has seen ARVF form a new entity called Metro Concepts East Africa Limited.
Partner at Ascent Capital Advisory Services David Owino, while signing the deal, said that their investment will focus on expanding the range of products manufactured by Metro Concepts East Africa as well as expanding its presence in the region.
The company has been mainly operating from Kenya with sales offices in Uganda and Rwanda.
“Among the key value addition areas for the fund are product development, introduction of improved manufacturing practices and technology and implementation of Environmental, Social and Corporate Governance (ESG) standards to measure the ethical impact and sustainability of the business,” said Mr. Owino.
Owino added, “We strongly believe that most achievements are derived from employee productivity gains, and as such we are committed to investing in the employees. This should see better quality products availed at affordable pricing to customers.”
The deal seals Ascent Rift Valley Fund’s third investment drive in the country, after previous investments in Kisumu Concrete Products and Auto Springs EA Ltd, a motor assembly and vehicle spare parts maker.
The Company also invested in Kisumu Concrete Products, a leading construction materials manufacturing plant, producing construction aggregates, concrete blocks, tiles and other concrete precast items in western Kenya.