Jonathan Oppenheimer, son of South African billionaire, Nicky Oppenheimer, has acquired majority stake in Nigeria’s biggest beverage can manufacturer, GZ Industries.
The deal announced in a statement from Affirma Capital, formerly known as Standard Chartered Private Equity, on Thursday, didn’t disclose financial details, reports Bloomberg.
Oppenheimer bought Affirma Capital’s 37.5 per cent stake in GZI, which supplies cans to companies including Coca-Cola Co. Prior to this latest acquisition, Oppenheimer already held a majority 62.5 per cent stake in GZI.
Oppenheimer first bought into the business in 2018, when GZI built a factory in South Africa and Affirma first invested in GZI in 2012.
The transaction signals a bet on the Nigerian economy especially as President Bola Tinubu and members of his cabinet have been pushing to increase foreign investments in Nigeria.
According to reports, the acquisition will enable Oppenheimer, determine GZI’s future in Nigeria and the West African region.
GZI produces three billion aluminum cans a year in Africa.
According to Bloomberg, Affirma Capital has invested in 11 companies in Africa since 2008, and has completed exits from eight, returning more than $800m to investors over the period.
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