Ashmore, Standard Chartered Private Equity Invests In Ogun Based GZ Industries

Standard Chartered Private Equity has disclosed that it has invested in GZ industries, an Ogun State based aluminum can manufacturing plant owned by young Nigerian businessmen.

Head of Stan Chart’s private equity division, Mr. Yemi Osindero said that the group was excited to invest in a long term client (of the bank), that has shown an exceptional capacity to build a world-class canning manufacturing facility.

He added, “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.”

Mr. Jan Dehn, a representative of Ashmore Group, said, “Over a short duration, GZI has established itself as a premier manufacturer of aluminium cans, providing a platform for tremendous future growth across Africa. 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 productive capacity of 600 million cans per annum.

Since inauguration, the plant has more than doubled its production levels and now produces more than 1.2 billion cans per year.

The statement said, “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.