Nicky Oppenheimer
South African billionaire family acquires Nigeria’s biggest can-maker
Contrary to multinational companies leaving Nigeria, a South African billionaire son, Nicky Oppenheimer, is tapping into an investment opening in Nigeria.
Indeed, the son of a South African billionaire acquired Nigeria’s can-maker, GZ Industries Ltd, in a deal carried out through a private equity firm.
With the deal, the billionaire family now has complete control of the company.
Some analysts wonder why the billionaire is making the deal at a time when some international companies are leaving the country.
The family of South African billionaire Nicky Oppenheimer is set to expand their wealth after signing a new deal with Affirma Capital, a Private Equity firm.
Jonathan Oppenheimer’s family took a bet on revival in Africa’s largest economy.
The billionaire’s son, Jonathan Oppenheimer, took a bet on revival in Africa’s largest economy as it acquired complete control of Nigeria’s biggest beverage can-maker, GZ Industries Ltd.
Through Oppenheimer Partners Ltd, the billionaire’s son acquired the shares from Affirma Capital, according to a statement by Bloomberg.
As a supplier of cans to businesses like Coca-Cola Co., the can-making company’s 37.5% ownership will now be controlled by the new billionaire buyer.
The billionaire family company already owned a majority of 62.5% of GZI before the most recent acquisition.
This comes at a time when some companies are leaving Nigeria, citing a challenging environment.
Nigeria is set to witness the exit of another company, Equinor Nigeria Energy Company, after the recent announcement by GSK and Sanofi-Aventis to leave the country.
Despite this, the billionaire sees an opportunity as it looks to tap into President Bola Tinubu’s $1 trillion economy target in three years.
Billionaire family could replicate growth facilitated in South Africa with its new acquisition expected to yield significantly for the family that founded mining giant Anglo American Plc.
The billionaire household turned De Beers into the world’s largest diamond producer, thereby shaping GZI’s growth in sub-Saharan Africa.
In 2018, Oppenheimer Partners made its initial investment in the company when GZI established a manufacturing in South Africa, where it currently holds a roughly 20% market share.
It faces competition from Nampak Ltd., a losing company that is restructuring debt and selling assets. 2012 saw Affirma’s initial investment in GZI.
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