Nigeria’s Verod Capital Management has announced a full and a partial exit from two of its Nigerian investments, H.F.P. Engineering and GZ Industries.
The private equity firm has fully exited its 33% stake in construction company H.F.P. Engineering, one of the country’s leading developers of mixed residential and commercial properties. Verod first acquired the stake in 2008 and since then has worked with the firm to help expand and develop its business. Neither the stake’s strategic buyer nor the terms of the deal were disclosed.
Having originally acquired a 45.3% stake in beverage can manufacturer GZ Industries in 2009, Verod has again sold a portion of its stake, this time to a financial investor. As before, the acquirer and the terms of the deal were not disclosed.
Following a partial sale of its shareholding in 2012, this latest deal is the second time Verod has reduced its stake in GZI since it first invested in the company. The company, which produces cans for international and domestic beverage and beer producers, commissioned West Africa’s first aluminium can manufacturing facility in 2010, creating capacity for the production of 1.2 billion cans. It is actively expanding in other African markets as well as being close to commissioning more manufacturing plant in the eastern part of the country. Following the partial exits in 2012 and 2105, Verod still retains a 22.7% interest in GZI.