In a decisive move reshaping West Africa’s packaging and manufacturing industry, Greek firm Frigoglass Group has reached agreement to sell its entire shareholding in Nigerian operations, including Beta Glass Plc and Frigoglass Industries Nigeria Limited to Africa-focused private equity firm Helios Investment Partners for up to €100 million.
The deal marks a strategic pivot for Frigoglass as it seeks to streamline its operations following a group-wide restructuring process initiated in 2023.
Under the terms, Helios will acquire full ownership of Frigoinvest Nigeria Holdings B.V., the holding company that oversees the Nigerian glass business. The transaction is expected to conclude in the first quarter of 2026, subject to regulatory approvals.
The divestment is described by Frigoglass leadership as the “culmination of nearly three years of intensive, multidisciplinary transformation and growth,” it forms part of a broader strategy to focus on core operations, including commercial refrigeration and glass-packaging services outside Nigeria.
With Beta Glass reportedly delivering “strong margins and sustained growth in recent years,” the firm’s Nigerian unit became a valuable but non-core asset, drawing interest from both international and domestic buyers.
In parallel, Frigoglass has entered a Transaction Support Agreement (TSA) with its noteholders, extending the maturity of its senior secured notes originally due in 2026, a step analysts see as bolstered by the liquidity raised from the sale.
For Helios Investment Partners, co-founded by investment veteran Tope Lawani, the acquisition is part of a broader ambition to deepen its footprint in African manufacturing and industrial supply chains, especially in consumer-linked sectors.
Beta Glass is a well-established name for glass containers, plastic crates, and metal-crown manufacturing, supplies critical for beverage, food processing and pharmaceutical industries across West and Central Africa.
Helios’ acquisition is therefore viewed as laying the foundation for expanded regional industrial operations and reinforcing supply-chain resilience for packaging industries.
Both Frigoglass and Beta Glass leadership have emphasized that operations will continue without disruption during the handover.
The group pledged to support customers, suppliers and partners throughout the transition, working closely with Helios until regulatory clearance and formal transfer are completed, anticipated in early 2026.
Gagik Apkarian, Chairman of Frigoglass Group, said the sale “marks a turning point” after the 2023 restructuring. He expressed confidence that Helios would be a “great steward” for Beta Glass’ 50-year legacy, indicating belief in the unit’s ongoing potential.
In turn, Beta Glass’s CEO, Alex Gendis, welcomed the transition as a natural progression after years of growth, underlining that the firm will build on recent improvements and pursue new growth opportunities under new ownership.
The sale has broader implications beyond corporate strategy. For Nigeria, where Beta Glass has been a key supplier of glass packaging, the transition underscores shifting investment dynamics in the manufacturing sector, as global firms recalibrate their portfolios amid economic pressures, currency fluctuations and evolving global demand.
While the agreement is signed, the finalization remains contingent on regulatory approval. The parties anticipate completion in the first quarter of 2026, after which Helios will assume full control of Beta Glass and the wider Nigerian glass operations.
During the interim period, Frigoglass will continue to support business operations, ensuring minimal disruption to customers, suppliers and employees.
Do you have any story or press releases you want to share? Send tips to editor@envestreetfinancial.com
Follow us on Twitter, Facebook, or LinkedIn to ensure you don’t miss out on any