Nigeria’s biggest beverage can producer acquired by son of South African tycoon

Jonathan Oppenheimer, the son of South African billionaire Nicky Oppenheimer, has bought full control of GZ Industries Ltd., the country’s largest beverage can producer, in a move that reflects confidence in Nigeria’s economic recovery.

Oppenheimer Partners Ltd. has bought the remaining shares in GZ Industries through a transaction with Affirma Capital (previously Standard Chartered Private Equity), solidifying the Oppenheimer family’s presence in the African market.

Oppenheimer’s influence on GZ Industries’ expansion strategy is strengthened by the acquisition, notably in Sub-Saharan Africa, where urban people consume the most sugary beverages internationally. This is consistent with GZ Industries’ previous achievement, which includes a 20% market share in South Africa and a total annual production of 3 billion aluminum cans throughout Africa.

Oppenheimer’s investment comes at a critical juncture for Nigeria, as the government implements economic stimulus measures. These changes, aimed at reducing double taxation and making foreign currency remittances easier, address a drop in capital inflows.

Oppenheimer Partners, which first invested in GZ Industries in 2018 during the construction of a South African facility, has expanded significantly with this acquisition.

The Oppenheimer family, with a combined net worth of $9.4 billion, diversifies its portfolio and expands its reach in Africa with its newest move.

This deal allows Oppenheimer Partners to capitalize from GZ Industries’ strong market position and contribute to the African economy’s growth.

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