Cut off from the mainstream media headlines by all of the political noise, clearance for a major financial deal involving top dollar just went down, with the Competition Authority of Kenya (CAK) giving the final okay for the deal to be concluded.
The CAK has approved private equity firm Ascent Capital acquisition of a 75 percent stake in plastic manufacturer Acme Containers Limited.
Acme is involved in the manufacture of plastic products such as plates, blocks, crates and water filters, among others.
Ascent Capital is a private equity firm that focuses on investing in Eastern African companies.
“The Competition Authority of Kenya has approved the acquisition of 75 percent of the issued share capital of Acme Containers Limited by Ascent Capital Holdings Africa II Limited unconditionally,” CAK said in a statement.
Ascent has in recent years raised funds from foreign investors and local pension funds for investment in companies in various sectors.
The private equity firm which targets companies with potential to scale up, operates in Kenya, Uganda and Ethiopia.
Ascent was founded by David Owino, a former senior executive at Centum Investment Company Plc, in partnership with Australian investment banker Guy Brenna and former Nokia executive Lucas Kranck.
David is a member of the Board Finance and Investments Committee as well as the Board Nominations and Governance Committee. He is a partner with Ascent Capital Advisors, the exclusive Investment Advisor of the Ascent Rift Valley Fund, a Private Equity Fund. Prior to starting Ascent, David previously worked in Centum Investment Company Ltd for over 12 years where his last position was Director in charge of the Private Equity Portfolio with assets exceeding US$150 million. David has sat on various boards as Alternate Director to Centum, among them, Mount Kenya Bottlers Ltd, Rift Valley Bottlers Ltd, Kisii Bottlers Ltd, KWA Holdings East Africa Ltd and UAP Holdings Ltd.
Last year, Ascent Capital raised $100 million (Sh12.2 billion) from the World Bank and top sovereign funds for acquiring stakes in companies across Eastern Africa.
The cash was raised from IFC, which is the World Bank Group’s private sector financing arm, BII Group, Dutch development financier FMO, and the French development finance institution, Proparco alongside other high net worth investors.
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