Helios Investment Partners agreed to acquire Frigoglass Group’s Nigerian glass packaging business for as much as €100 million in a deal that hands control of Beta Glass Plc to the Africa-focused private equity firm.
Frigoglass will sell its entire stake in Frigoinvest Nigeria Holdings BV, the holding company for Beta Glass Plc and Frigoglass Industries Nigeria Ltd., to Helios on behalf of the funds it advises, according to the company’s filing on the Nigerian Exchange on Tuesday.
The assets include manufacturing operations for glass containers, plastic crates, and metal crowns serving West and Central Africa.
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The transaction remains subject to regulatory approvals and is expected to close in the first quarter of 2026.
The sale follows a three-year overhaul of the business, which Frigoglass undertook after restructuring its balance sheet in 2023. The company said the turnaround resulted in record performance and industry-leading margins at Beta Glass, attracting interest from both domestic and international buyers.
“This significant milestone is the culmination of nearly three years of intensive and multidisciplinary transformation and growth,” said Gagik Apkarian, founder of Tetrad Capital Partners and chairman of Frigoglass Group. He added that Helios would be “a great steward” of Beta Glass’s 50-year presence in Nigeria and the wider region.
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Helios, one of Africa’s largest private equity investors, has been increasing its exposure to consumer and industrial assets as rising populations drive demand for packaged goods across the continent.
Beta Glass Chief Executive Officer Alex Gendis said the transaction reflects the “underlying growth potential” of the business and the performance of its teams, noting that Frigoglass’s exit comes after years of expansion. “Business will continue as usual during this transition period,” he said.
Frigoglass said it will continue to support Beta Glass until the transaction is completed early next year, working alongside Helios to navigate the local regulatory process and ensure continuity for customers, suppliers, and employees.