SA Family Buys Nigerian Can-Maker

SA Family Buys Nigerian Can-Maker

A Big Purchase

A super rich family from South Africa, called the Oppenheimers, has bought a major stake in a famous can-making company in Nigeria called GZ Industries.

Meet Jonathan Oppenheimer

Jonathan Oppenheimer, one of the sons of Africa’s second richest man, Nicky Oppenheimer, made the deal to take control of GZ Industries Ltd. This shows that they believe in the potential of Nigeria’s economy.

The Acquisition

According to a report by Bloomberg, Jonathan Oppenheimer’s company, Oppenheimer Partners Limited, bought the remaining shares in GZ Industries from Affirma Capital. Affirma Capital used to be called Standard Chartered Private Equity. They had a big 37.5% stake in GZ Industries, which is a major supplier of cans to big companies like Coca-Cola.

GZ Industries in Nigeria

GZ Industries started operating in Nigeria in 2019. The company is led by Ayodeji Adelakun, who is the Executive Director and Group Chief Executive Officer.

Expanding in Africa

This purchase will allow Jonathan Oppenheimer to lead the expansion of GZ Industries in sub-Saharan Africa. This region is a very important market, with educated adults who drink a lot of sugary drinks. They have the highest consumption in the world, drinking an average of 12.4 servings per week, according to a study published by Nature Communications.

A Smart Move

Buying GZ Industries is a smart move because it gives the Oppenheimers access to this big consumer base in Africa.

Oppenheimer Partners and GZI

Oppenheimer Partners first got involved with GZ Industries in 2018, when they helped set up a GZI factory in South Africa. Right now, GZI has a 20% share of the market in South Africa. They compete with another company called Nampak Ltd., which is struggling financially and selling off assets to pay its debts.

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Affirma Capital’s Investment

Affirma Capital first invested in GZI back in 2012.

Impressive Production Capacity

GZ Industries is a big player in the industry, producing 3 billion aluminum cans every year in Africa. Out of that, 1.8 billion cans are made in Nigeria.

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