Jonathan Oppenheimer, son of South African billionaire Nicky Oppenheimer, has acquired full control of Nigeria’s biggest beverage can-maker, GZI, a supplier of cans to companies including Coca-Cola Co.
GZI has about two-thirds market share of Nigerian drinks cans
Oppenheimer Partners Ltd. bought the shares in GZ Industries Ltd. from Private Equity firm Affirma Capital (formerly known as Standard Chartered Private Equity), for a 37.5% stake, according to a recent statement from Affirma. The private equity firm had held a 37.5% stake in GZI, which it sold to Oppenheimer.
GZI, engaged in competition with Nigeria’s loss-making Nampak Ltd., has been strategically selling assets and restructuring debt. Affirma first entered the scene by investing in GZI in 2012, while Oppenheimer Partners initially invested in GZI in 2018.
Notably, GZI boasts an annual production of 3 billion aluminum cans within the African market.
With urban, educated adults in the region leading global sugary drink consumption with 12.4 servings per week, GZI’s strategic importance in meeting this demand is underscored.
The acquisition positions Oppenheimer, whose family played a significant role in founding mining giant Anglo American Plc and transforming De Beers into the world’s largest diamond producer, to influence GZI’s expansion in sub-Saharan Africa.
The family’s combined net worth is estimated at $9.4 billion, according to the Bloomberg Billionaires Index.