Standard Chartered Private Equity
By Obinna Chima
Standard Chartered Private Equity (SCPE) and Ashmore said they have invested in GZI, an aluminium can manufacturer based in Nigeria.
A statement quoted the Head of Standard Chartered Private Equity in West Africa, Yemi Osindero, to have expressed delight over the deal.
Osindero said: “We are excited to have invested in a long-term Standard Chartered client that is building a world-class can manufacturing company. From its initial production plant in Nigeria, GZI has followed a very profitable growth path, and established itself as an integral member of Nigeria’s beverage sector.
“Working with our fellow shareholders, and bringing the global resources of Standard Chartered and Ashmore to bear, we look forward to growing GZI into a market-leading, pan-African beverage-packaging company.”
To Ashmore Group’s Jan Dehn, over a short period, GZI has established itself as a premier manufacturer of aluminium cans, providing a platform for tremendous future growth across Africa.
Dehn added: “This investment offers an ideal opportunity for us to grow our alternatives investment footprint in Africa, and we look forward to working with GZI and our partners in achieving its full potential, creating value for all stakeholders.”
Founded in 2006, GZI opened West Africa’s first can manufacturing plant in Ogun State, Nigeria, with a capacity of 600 million cans per annum. Since its launch, the plant has more than doubled its production levels and now produces more than 1.2 billion cans per year. GZI’s 150,000 square feet factory is world-class, with state-of-the-art equipment sourced from Europe and the United States. The Company employs approximately 200 personnel, including Nigerian and expatriate staff.
Managing Director of GZI, Motti Goldmintz, said: “The partnership with SCPE and Ashmore validates the first phase of our strategy, and will strengthen our ability to achieve GZI’s longer-term strategic aims. We are grateful to our customers and suppliers for their support, and look forward to working with them as we establish more factories and grow across Africa.”