Verod Capital has fully exited ownership of HFP Engineering (“HFP”), a Nigerian company based in Lagos. Established in 1979, HFP is a major player in the property development and construction industry in Nigeria. The company developed several landmark projects in Nigeria, including Victoria Garden City, a residential estate with an estimated population of 30,000 inhabitants. In 2008, Verod Capital acquired a 33% stake in HFP, and contributed significantly to developing the business and expanding its reach with new opportunities before fully exiting its ownership position.
Additionally Verod Capital has also completed a partial exit of GZ Industries (“GZI”). GZI manufactures aluminum beverage cans in different sizes to multinational and local beverage and beer companies. GZI commissioned West Africa’s first aluminum beverage can factory in 2010, with a production capacity of 1.2 billion cans. GZI is also close to commissioning a second factory in Eastern Nigeria and is actively developing attractive opportunities in other African markets. In 2009, Verod Capital acquired a 45.3% stake in GZI and was instrumental in supporting the strategy, business development, financing and executive recruitment of the company from a greenfield proposition to the market leader it is today. Verod reduced its stake in 2012 and has again in 2015 by selling a portion of its stake to a financial investor. Verod currently retains an ownership position of 22.7% in GZI.