Ascent Rift Valley Fund (ARVF), a leading SME Private Equity Fund investor has increased its investment presence in Kenya through the acquisition of Metro Plastics Kenya Limited, a leading manufacturer of PVC and PPR water pipes, electrical conduits, waste pipes, fittings, and gutters.
The investment was done through an asset carve-out into a new entity called Metro Concepts East Africa Limited.
The Private Equity Fund is positioning itself for increased activity in the real estate and construction sectors. These sectors are expected to pick up again buoyed by the government’s push for affordable housing as part of its big four agenda, and following the repeal of the law on interest rates cap. Ascent has previously invested in Kisumu Concrete Products, leading construction materials manufacturing plant, producing construction aggregates, concrete blocks, tiles and other concrete precast items in western Kenya.
Metro Plastics Kenya has been in operation since 1983 where it has been a market leader in the fittings space and pipes segment. The company based in Nairobi’s Industrial Area employs over 300 people.