Son of South Africa’s Second-Richest Person Secures Ownership of Nigeria’s Foremost Beverage Can Producer

Jonathan Oppenheimer, a billionaire businessman and environmental advocate, and son of South Africa’s second-richest individual, recently finalized the purchase of the entire stake in GZ Industries (GZI), Nigeria’s leading manufacturer of beverage cans, from Affirma Capital. This move significantly reinforces the Oppenheimer family’s standing in the economic sector of Africa.

The transaction was confirmed by Affirma Capital, previously known as Standard Chartered Private Equity, on Thursday. Affirma Capital’s association with GZI began in 2012. The recent deal, spearheaded by Jonathan Oppenheimer and executed through Oppenheimer Partners Ltd., enhances the family’s already substantial presence in Africa’s economic realm.

This strategic acquisition by Oppenheimer Partners, which first made its mark in 2018 concurrent with GZI’s establishment of a facility in South Africa, intensifies the firm’s influence in the beverage can market. Before this acquisition, the company, led by Jonathan Oppenheimer, already had a majority share of 62.5% in GZI, a principal supplier to global corporations like Coca-Cola Co. The purchase involves Oppenheimer Partners acquiring an additional 37.5% share from Affirma Capital, elevating the Oppenheimer family among the wealthiest in Africa.

The specifics of the financial arrangement remain confidential, yet this acquisition positions Oppenheimer Partners as a formidable competitor to Nampak Ltd., which is currently navigating through asset sales and debt restructuring.

Nicky Oppenheimer, Jonathan’s father, with a net worth of $9.33 billion primarily from private equity investments, ranks 238th among the world’s richest. His wealth extends beyond investments, with a significant presence in wilderness conservation across continents. Nicky’s judicious investment choices have not only allowed him to leverage market dynamics but also to enhance his wealth considerably.

In addition to his business ventures, South Africa’s second-richest Nicky Oppenheimer co-owns Tswalu Kalahari, South Africa’s largest private game reserve, with his son Jonathan. He also owns Shangani Ranch, a 65,000-hectare property that is both a cattle farm and a wildlife sanctuary, playing a vital role in animal migration routes.