Verod Capital, a Nigeria-based private equity firm focusing on investing equity and equity-linked capital in growth companies, has fully exited ownership of HFP Engineering, and partially exited its stake in GZ Industries.

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,” said Verod Capital.

The company also annoucned a partial exit of GZ Industries, a Nigerian manufacturer of aluminum beverage cans for 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,” the company said in a statement.

Verod reduced its stake in 2012 and has again in 2015 by selling a portion of its stake to a financial investor.

The private equity firm currently retains an ownership position of 22.7% in GZI.

Verod invests in various sectors, including consumer products, manufacturing, financial services and agribusiness.

The private equity firm seeks to partner with companies with a proven business model and high-growth market potential led by strong, aligned and motivated management teams.

To date, Verod has invested in 11 portfolio companies, three of which form part of Verod Capital Growth Fund II, currently fundraising and targeting $100m at the final close.