Jonathan Oppenheimer, the son of South African billionaire Nicky Oppenheimer, has secured a majority stake in GZ Industries, Nigeria’s largest beverage can manufacturer. The deal, disclosed by Affirma Capital (formerly Standard Chartered Private Equity), did not reveal financial specifics, as reported by Bloomberg.
In this transaction, Oppenheimer acquired Affirma Capital’s 37.5% stake in GZI, a key supplier of cans to companies like Coca-Cola Co.
This move follows Oppenheimer’s previous acquisition, where he already held a majority 62.5% stake in GZI.
His initial involvement dates back to 2018 when GZI established a factory in South Africa, and Affirma made its initial investment in 2012.
The investment signifies a strategic move in the Nigerian economy, aligning with President Bola Tinubu’s efforts to attract more foreign investments.
With Oppenheimer now holding a significant position, he will play a pivotal role in determining GZI’s trajectory in Nigeria and the broader West African region.
GZI, known for producing three billion aluminum cans annually in Africa, holds a prominent position in the market.
This acquisition reflects Oppenheimer’s confidence in the region’s economic prospects.
Bloomberg notes that Affirma Capital’s track record in Africa includes investments in 11 companies since 2008, with successful exits from eight, returning over $800 million to investors during this period.
