In a move that signals confidence in Nigeria’s economic recovery, Jonathan Oppenheimer, son of South African billionaire, Nicky Oppenheimer, has acquired full ownership of GZ Industries Ltd., the country’s largest beverage can manufacturer.
Oppenheimer Partners Ltd., through a transaction with Affirma Capital (formerly Standard Chartered Private Equity), has acquired the remaining shares in GZ Industries, further solidifying the Oppenheimer family’s presence in the African market.
The acquisition strengthens Oppenheimer’s influence on GZ Industries’ growth strategy, particularly in sub-Saharan Africa, where urban adults consume the highest quantity of sugary beverages globally. This aligns with GZ Industries’ existing success, which includes a 20% market share in South Africa and a total annual production of 3 billion aluminium cans within Africa.
Oppenheimer’s investment comes at a crucial time for Nigeria, as the government implements measures to stimulate economic growth. These measures, aimed at eliminating double taxation and facilitating foreign currency remittances, address a decline in capital inflow.
This acquisition marks a significant expansion for Oppenheimer Partners, which initially invested in GZ Industries in 2018 during the construction of a South African factory.
With this latest move, the Oppenheimer family, with a combined net worth of $9.4 billion, further diversifies its portfolio and extends its footprint in the African continent.
This move positions Oppenheimer Partners to leverage GZ Industries’ strong market position and contribute to the growth of the African economy.
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