The Oppenheimer family, one of the richest and most influential in South Africa, has acquired full ownership of GZ Industries Ltd., the largest beverage can manufacturer in Nigeria.
The deal was completed by Jonathan Oppenheimer, the son of Nicky Oppenheimer, who is the second wealthiest person in Africa and in South Africa.
According to Bloomberg, Jonathan Oppenheimer’s company, Oppenheimer Partners Limited, bought out the remaining shares in GZ Industries from Affirma Capital, a private equity firm that had a 37.5% stake in the Nigerian company. The financial terms of the transaction were not disclosed.
GZ Industries, which started operations in Nigeria in 2019, is a key supplier of cans to major brands such as Coca-Cola Co. The company has an annual production capacity of 3 billion aluminium cans in Africa, of which 1.8 billion are produced in Nigeria. The company is led by Ayodeji Adelakun, the Executive Director and Group Chief Executive Officer.
READ ALSO:Senate To FG: Withhold Allocations from Undemocratically Elected Local Councils
The acquisition gives Jonathan Oppenheimer the opportunity to expand GZ Industries’ presence in sub-Saharan Africa, a region with a high demand for sugary drinks. A study published by Nature Communications found that urban, educated adults in the region consume an average of 12.4 servings of sugary drinks per week, the highest in the world.
Oppenheimer Partners first invested in GZ Industries in 2018, when the company opened a factory in South Africa. The company currently holds a 20% market share in the South African market, competing with Nampak Ltd., a struggling can maker that is selling assets and restructuring debt. Affirma Capital had been a shareholder of GZ Industries since 2012. #South African