South African billionaire family, also known as the Oppenheimer family has bought a majority position in GZ Industries, one of Nigeria's leading aluminium can manufacturers. Jonathan Oppenheimer, the son of Africa's second wealthiest individual, Nicky Oppenheimer, successfully acquired complete control of GZ Industries Ltd., a prominent beverage can manufacturer in Nigeria. This acquisition signifies a strategic investment in potentially revitalising Africa's largest economy.
While the agreement's exact financial details are unknown, the private equity group previously had a substantial 37.5 per cent share in GZ Industries; a crucial provider of cans to big corporations, including Coca-Cola Co. GZ began its activities in Nigeria in 2019. Ayodeji Adelakun holds the position of Executive Director and Group Chief Executive Officer within the organisation. Jonathan Oppenheimer is expected to be able to direct the course of GZ Industries' growth in sub-Saharan Africa with this move.
According to data published by Nature Communications, the area is a crucial market where urban, educated individuals have the greatest consumption of sugary beverages globally, averaging 12.4 servings per week. The purchase is strategically aligned to access this very profitable customer segment.
When a GZI plant was set up in South Africa in 2018, Oppenheimer Partners joined the GZI enterprise simultaneously. Nampak Ltd., which is now selling assets and reorganising debt, is a financially troubled company that competes with GZI, which has a 20 per cent market share in South Africa. In 2012, Affirma Capital made its first investment in GZI. With a yearly output of 3 billion aluminium cans, GZ Industries is one of Africa's most prolific manufacturers. Of the total number of cans produced, 1,800,000,000 are made in Nigeria.
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