South African Billionaire Family Oppeheimer Takes Over Top Nigerian Can Maker

A South African billionaire family popularly known as Oppenheimer has secured a controlling stake in GZ, a prominent can maker in Nigeria.

Jonathan Oppenheimer, son of Africa’s second richest man, Nicky Oppenheimer, completed the acquisition, gaining full control of GZ Industries Ltd.

This move signifies a strategic investment in the potential revitalization of Africa’s largest economy.

According to Bloomberg’s report, the acquisition of the remaining shares in GZ Industries from Affirma Capital (formerly Standard Chartered Private Equity) was finalized through Oppenheimer Partners Limited, the family’s company.

While the financial details of the transaction remain undisclosed, the private equity firm previously held a substantial 37.5% stake in GZ Industries, a key supplier of cans to major entities, including Coca-Cola Co.

GZ Industries commenced its operations in Nigeria in 2019, with Ayodeji Adelakun serving as the Executive Director and Group Chief Executive Officer of the company.

This strategic step positions Jonathan Oppenheimer to guide the direction of GZ Industries’ expansion across sub-Saharan Africa.

The region, recognized as a pivotal market, features urban, educated adults with the world’s highest consumption of sugary drinks, averaging 12.4 servings per week, as indicated by research published in Nature Communications.

The acquisition strategically aligns to tap into this profitable consumer base. Oppenheimer Partners entered the GZI venture in 2018, coinciding with the establishment of a GZI factory in South Africa.

Currently, GZI commands a 20% market share in South Africa, competing with financially challenged Nampak Ltd., undergoing asset sales and debt restructuring.

Affirma Capital’s initial investment in GZI traces back to 2012.
GZ Industries boasts substantial production capacity, manufacturing 3 billion aluminum cans annually in Africa.

Notably, out of this production, 1,800,000,000 cans are produced in Nigeria.

KanyiDaily recalls that  Africa’s richest man, Aliko Dangote is the only Nigerian in Bloomberg’s yearly top billionaires’ list after his wealth significantly moved up to $17.8 billion.