In a strategic move, South African billionaire businessman and conservationist Jonathan Oppenheimer has successfully acquired full ownership of GZ Industries (GZI), a prominent beverage can manufacturer in Nigeria, from Affirma Capital. Affirma Capital, the private equity firm, previously held a 37.5% stake in the can supplier. This acquisition not only consolidates Oppenheimer’s control over GZI but also strengthens the Oppenheimer family’s influence in Africa’s economic landscape.
GZ Industries stands as a leading producer of premium-quality aluminum beverage cans, annually manufacturing 3 billion cans in Africa, with a focus on Nigeria and South Africa. Affirma Capital, formerly known as Standard Chartered Private Equity, confirmed the completion of the deal in a statement, marking the end of its association with GZI.
The history of Affirma Capital’s involvement with GZI dates back to 2012. The recent transaction, orchestrated by Jonathan Oppenheimer through Oppenheimer Partners Ltd., marks a significant development, further establishing the Oppenheimer family’s prominence in Africa’s economic terrain.
Oppenheimer Partners initially entered the scene in 2018, coinciding with GZI’s expansion with the launch of a factory in South Africa, where it has since secured a 20% market share. Prior to this latest acquisition, Oppenheimer Partners already held a majority 62.5% stake in GZI, a key supplier of beverage cans to multinational giants, including Coca-Cola Co.
While specific financial details of the transaction remain undisclosed, the move positions Oppenheimer Partners in direct competition with Nampak Ltd., a struggling counterpart currently undergoing asset divestment and debt restructuring.
The essence of the acquisition involves Oppenheimer Partners purchasing the remaining 37.5% stake from Affirma Capital, further solidifying the Oppenheimer family’s position among Africa’s wealthiest families. This strategic maneuver not only secures Oppenheimer’s control over a major player in the beverage can manufacturing sector but also underscores the family’s commitment to shaping Africa’s economic landscape. As Oppenheimer Partners continues to assert its influence, the implications of this acquisition are likely to reverberate across the continent’s business and economic spheres.
