Beta Glass Plc, Nigeria’s biggest glass packaging maker, has a new controlling shareholder after Africa-focused private equity firm Helios Investment Partners completed the acquisition of its parent company from Frigoglass Group.
Helios Fund V, managed by Helios Investment Partners, bought Frigoinvest Nigeria Holdings B.V., the holding company for Frigoglass’ Nigerian packaging operations, which includes indirect stakes in Frigoglass Industries Nigeria Limited and Beta Glass, the company said on Wednesday. The transaction, worth €100 million, was first announced in December.
The deal marks Helios’ entry into one of Nigeria’s most strategic manufacturing segments, supplying glass bottles and containers to food and beverage producers across West and Central Africa.
The ownership change comes after a strong run for Beta Glass, which more than doubled its net income in 2025 as demand from brewers and consumer goods companies rebounded and operating efficiency improved. The company said the new ownership positions it to accelerate growth and deepen its role as a key supplier to Nigeria’s consumer goods industry.
“We are proud of the transformation and performance achieved by Beta Glass over the past three years,” Alex Gendis, chief executive officer of Beta Glass said in a statement. He added that Helios’ experience across African markets would help unlock long-term value and support sustainable growth.
Helios, one of the continent’s largest private equity investors, has backed companies across financial services, telecoms, energy, and industrials. Its investment is expected to support Beta Glass’s capital expenditure plans, operational improvements, and product innovation at a time when Nigeria is pushing to revive local manufacturing and reduce import dependence.
Beta Glass said operations will continue uninterrupted under the new ownership, with no changes to its commitment to product quality, employees, or customers. The company remains a critical supplier to Nigeria’s food and beverage sector, which has faced volatile input costs and foreign-exchange pressures in recent years.
Frigoglass Group, which has been restructuring its balance sheet and refocusing its operations, exits Nigeria as part of a broader effort to streamline its business. For Helios, the acquisition adds a market-leading industrial company to its portfolio as it seeks to capitalise on long-term consumption growth in Africa’s most populous economy.