PZ Cussons sells 50% stake to Wilmar in PZ Wilmar for USD 70M
Wilmar is set to assume full ownership of PZ Wilmar.
NIGERIA – Wilmar International Limited, a Nigerian edible oils business, has announced plans to acquire the remaining 50% equity stake in PZ Wilmar Limited from London-listed PZ Cussons plc in a cash transaction valued at USD 70 million.
According to the brand, the transaction is subject to relevant approvals and is expected to be completed by the end of the final quarter of 2025.
Upon completion, Wilmar will assume full ownership of PZ Wilmar, consolidating its position in Nigeria’s edible oils market.
PZ Wilmar was formed in 2010 as a strategic collaboration between the Singapore-listed agribusiness giant and the UK-based consumer goods company.
The joint venture has played a pivotal role in Nigeria’s palm oil sector, with its flagship brands, Mamador and Devon King’s, achieving strong market penetration.
In addition to its consumer-facing operations, PZ Wilmar holds minority interests in two palm oil plantations in Nigeria, which are majority-owned by Wilmar.
In the first half of 2025, the PZ Wilmar joint venture added £4.7 million(USD 6.35 million) to the Group’s adjusted operating profit.
It generated £2.5 million(USD 3.36 million) in cash flow, partly due to the repayment of a shareholder loan.
Jonathan Myers, Chief Executive Officer at PZ Cussons, stated, “I am delighted to announce the sale of our stake in PZ Wilmar to our joint venture partner.”
“In doing so, we are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet.”
“At the same time, the smooth transition of ownership offers continuity for colleagues and operations.”
According to Wilmar, following completion, PZ Wilmar is expected to undergo a rebranding, with a new name to be announced in due course.
The acquisition will be funded through Wilmar’s internal resources and is not anticipated to materially impact its financial performance for the year ending December 31, 2025.
PZ Cussons FY25 outlook
PZ Cussons expects to achieve like-for-like revenue growth of 8% in FY25, with reported revenue projected at approximately £505 million.
Gross debt is expected to decrease to £158 million (USD 213.98 million) by year-end.
The Group anticipates an adjusted operating profit range of £52 million(USD 70.4 million) to £55 million(USD 74.45 million).
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