Jonathan Oppenheimer, son of South African billionaire Nicky Oppenheimer, has acquired complete control of GZ Industries Ltd., Nigeria’s largest beverage can manufacturer, in a strategic move to capitalize on the potential revival of Africa’s largest economy.
Oppenheimer Partners Ltd., the investment firm, purchased the remaining shares from Affirma Capital (formerly Standard Chartered Private Equity), which previously held a 37.5% stake in GZ Industries. The financial details of the transaction were not disclosed.
This acquisition positions Oppenheimer to influence GZI’s growth in the sub-Saharan African region, where research indicates high consumption of sugary drinks among urban, educated adults.
The Oppenheimer family, known for founding mining giant Anglo American Plc and transforming De Beers into the world’s largest diamond producer, initially invested in GZI in 2018 when the canmaker established a factory in South Africa, achieving a 20% market share.
GZI competes with Nampak Ltd., which has faced losses, leading to asset sales and debt restructuring. Affirma Capital had initially invested in GZI in 2012.
GZ Industries Ltd. produces 3 billion aluminum cans annually in Africa. The Oppenheimer family’s investment aligns with Nigerian President Bola Tinubu’s 2024 spending plans of 27.5 trillion naira ($34 billion), focusing on job-rich economic growth, macroeconomic stability, and an improved investment environment.
Affirma Capital, with investments in 11 African companies since 2008, has successfully exited eight, delivering over $800 million in returns to investors.
The Oppenheimer family holds a combined net worth of $9.4 billion, primarily from the 2012 sale of their De Beers stake for approximately $5 billion, according to the Bloomberg Billionaires Index.