A prominent South African billionaire family, known as the Oppenheimers, has acquired a controlling stake in GZ Industries, a leading Nigerian can manufacturer.
Jonathan Oppenheimer, one of the sons of Nicky Oppenheimer, Africa’s second wealthiest man, completed the acquisition through his company, Oppenheimer Partners Limited.
According to the PUNCH, the deal involves purchasing the remaining shares in GZ Industries from Affirma Capital, securing full control of the company.
Financial details of the transaction remain confidential, but Affirma Capital previously held a substantial 37.5% stake in GZ Industries. This strategic investment positions Jonathan Oppenheimer to steer GZ Industries’ expansion across sub-Saharan Africa.
The acquisition aligns with GZ Industries’ focus on the lucrative beverage market in Africa, where urban, educated adults consume an average of 12.4 servings of sugary drinks per week, the highest in the world, according to research published in Nature Communications.
Oppenheimer Partners’ involvement with GZ Industries dates back to 2018, when they co-established a GZI factory in South Africa. Currently, GZ Industries holds a 20% market share in South Africa, competing with Nampak Ltd., which is undergoing restructuring and asset sales.
Affirma Capital’s initial investment in GZ Industries occurred in 2012. The company boasts significant production capacity, manufacturing 3 billion aluminum cans annually across Africa, with 1.8 billion of those cans produced in Nigeria.
