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Nigeria’s top can-maker firm acquired by South African billionaire family 

Nigeria’s top can-maker firm acquired by South African billionaire family 

Nigeria’s top can-maker firm acquired by South African billionaire family

The Oppenheimer family, renowned South African billionaires, have obtained a stake in one of Nigeria’s prominent can makers, GZ.

Jonathan Oppenheimer, the son of Africa’s second wealthiest individual, Nicky Oppenheimer, successfully concluded the acquisition, securing complete control of GZ Industries Ltd., the prominent beverage can manufacturer in Nigeria, signaling a bet on the potential revitalization of Africa’s largest economy.

According to Bloomberg’s report, Oppenheimer Partners Limited finalized the acquisition of the remaining shares in GZ Industries from Affirma Capital, formerly known as Standard Chartered Private Equity.

Although the financial specifics of the deal remain undisclosed, the private equity firm had held a significant 37.5% stake in GZ Industries, a key supplier of cans to major entities such as Coca-Cola Co.

GZ first began operations in Nigeria in 2019. Ayodeji Adelakun is the Executive Director and Group Chief Executive Officer of the company.

This move is poised to empower Jonathan Oppenheimer to steer the trajectory of GZ Industries’ expansion within sub-Saharan Africa.

The region stands as a pivotal market, with urban, educated adults boasting the world’s highest consumption of sugary drinks, averaging 12.4 servings per week, according to research published by Nature Communications.

The acquisition strategically aligns with tapping into this lucrative consumer base.

Oppenheimer Partners initially entered the GZI venture in 2018, coinciding with the establishment of a GZI factory in South Africa.

Presently, GZI holds a 20% market share in the South African market, engaging in competition with the financially challenged Nampak Ltd., which is in the process of selling assets and restructuring debt.

Affirma Capital’s initial investment in GZI dates back to 2012.

GZ Industries holds significant production capacity, churning out 3 billion aluminium cans annually in Africa. Out of its production figure, 1,800,000,000 of those cans are produced in Nigeria.

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