Lanka’s Atlas secures approval to acquire majority stake in Kasuku stationery maker

KENYA – Sri Lanka’s Atlas Axillia, a subsidiary of Hemas Holdings PLC (HHL), has received regulatory clearance from the Competition Authority of Kenya (CAK) to acquire a 75% stake in Twiga Stationers and Printers Limited, the maker of the Kasuku stationery brand.

The approval clears a key hurdle for a deal that will deepen Hemas’ footprint in East Africa’s consumer goods and light manufacturing sector.

Hemas Holdings first disclosed the transaction in September last year, informing investors that it had signed an agreement to acquire a majority stake in a Kenyan consumer goods company, subject to regulatory approvals.

With CAK’s consent now granted, the transaction is expected to close within the previously indicated timeframe.

The value of the deal has not been made public.

Twiga Stationers and Printers Limited is one of East Africa’s leading manufacturers and distributors of stationery, hygiene and packaging products.

The company is best known for its Kasuku and Crownbird stationery brands, which are widely used across schools, offices and retail outlets.

According to CAK data published in December 2024, Twiga holds a dominant 49.4% share of Kenya’s stationery market, well ahead of its nearest competitor, Kartasi Industries, which controls 18.2%.

Beyond stationery, Twiga has diversified into hygiene products, producing consumer tissue brands including Panda, Peacock and Envoy.

Its packaging and specialty portfolio includes eco-friendly cartons and the Dark Tusk coffee label.

The company also serves as a key distributor for international stationery brands such as Nataraj and Carioca, strengthening its role as a regional consumer goods platform rather than a single-category player.

Headquartered in Nairobi’s Industrial Area, Twiga operates across Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, the Democratic Republic of Congo, Zambia, Malawi, Eritrea and Madagascar, supported by an extensive distribution network that reaches both urban and upcountry markets.

For Hemas Holdings, the acquisition builds on its strategy of scaling consumer brands beyond South Asia.

Atlas Axillia, which owns the market-leading Atlas stationery brand in Sri Lanka, is expected to leverage Twiga’s manufacturing base, brand portfolio and regional reach to accelerate growth and unlock operational synergies.

The deal follows earlier consolidation moves in East Africa’s consumer goods and paper products sector.

In recent years, regional manufacturers such as Kartasi Industries and local packaging players have expanded capacity or attracted strategic investors as demand for education supplies, hygiene products and sustainable packaging continues to rise.

Private equity and strategic buyers have increasingly targeted companies with strong local brands and distribution depth, viewing them as resilient assets amid economic volatility.

CAK said the transaction is unlikely to substantially lessen competition, citing the presence of alternative suppliers and import competition.

Once completed, the acquisition is expected to position Atlas Axillia as a significant regional player, anchored by Kasuku’s strong market leadership in Kenya and Twiga’s growing East African platform.

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