Jonathan Oppenheimer, the son of South African billionaire Nicky Oppenheimer, has secured a controlling interest in GZ Industries, Nigeria’s largest beverage can manufacturer.
The acquisition, announced by Affirma Capital (formerly Standard Chartered Private Equity) on Thursday, involved Oppenheimer purchasing Affirma Capital’s 37.5% stake in GZI.
While the financial details remain undisclosed, this move solidifies Oppenheimer’s majority ownership, having already held a 62.5% stake in GZI.
This strategic transaction marks Oppenheimer’s continued involvement with GZI since his initial investment in 2018, coinciding with the establishment of a GZI factory in South Africa.
Related News: https://savingpointmedia.com/military-armoury-attacked-in-sierra-leone-national-curfew-imposed/
The acquisition reflects a confidence in the Nigerian economy, particularly amid efforts by President Bola Tinubu and his cabinet to attract increased foreign investments to the country.
With GZI supplying cans to major companies, including Coca-Cola Co., Oppenheimer’s majority ownership positions him to influence GZI’s trajectory in Nigeria and the broader West African region.
The move is seen as a significant bet on the economic potential of the region.
GZ Industries is a prominent producer, manufacturing three billion aluminum cans annually in Africa.
The acquisition by Oppenheimer is expected to play a pivotal role in shaping GZI’s future operations and expansion strategies.
Notably, Affirma Capital’s investment history in Africa underscores its commitment to the continent, having invested in 11 companies since 2008.
With successful exits from eight ventures, the firm has returned over $800 million to investors, signaling a track record of impactful investments in the African business landscape.
You can also read: https://savingpointmedia.com/gandas-70-year-old-woman-welcomes-twins-after-ivf-treatment/