South Africa’s second richest family, the Oppenhiemers have acquired controlling stakes in one of Nigeria’s prominent can makers, GZ.
Jonathan Oppenheimer, son of South Africa’s second richest man, Nicky Oppenheimer, strategically secured full control of GZ Industries Ltd., Nigeria’s prominent beverage can manufacturer, signalling a bet on the potential revitalization of Africa’s largest economy.
According to a report by Bloomberg, Oppenheimer Partners Ltd. completed the acquisition of the remaining shares in GZ Industries from Affirma Capital (formerly Standard Chartered Private Equity).
Although the financial specifics of the deal remain undisclosed, the private equity firm had held a significant 37.5% stake in GZ Industries, a key supplier of cans to major entities such as Coca-Cola Co.
GZ first began operations in Nigeria in 2019. Ayodeji Adelakun is the Executive Director and Group Chief Executive Officer of the company.
Peoplesmind