Jonathan Oppenheimer, the son of South African billionaire Nicky Oppenheimer, has fully acquired GZ Industries Ltd., the largest beverage can manufacturer in Nigeria, in a move that suggests confidence in the country's economic recovery.
The remaining shares in GZ Industries were acquired by Oppenheimer Partners Ltd. via a deal with Affirma Capital (formerly Standard Chartered Private Equity), extending the Oppenheimer family's influence in the African market.
The acquisition increases Oppenheimer's influence over GZ Industries' expansion plan, especially in sub-Saharan Africa, where urban adults drink the most sugar-filled beverages worldwide. This is consistent with GZ Industries' current performance, which includes a 20% market share in South Africa and 3 billion aluminium cans produced annually throughout Africa.
Their investment is timely for Nigeria, as the country is putting policies in place to boost economic expansion. These actions address a decrease in capital inflow by doing away with double taxation and enabling remittances in foreign currencies.
Oppenheimer Partners has made a substantial expansion with this acquisition. The firm first invested in GZ Industries in 2018 while a South African factory was being built.
The Oppenheimer family, who have a combined net worth of $9.4 billion, has expanded its presence throughout Africa and diversified its holdings with this most recent move.
By making this move, Oppenheimer Partners will be able to take advantage of GZ Industries' dominant position in the market and support the expansion of the African economy.
