Frigoglass Group has entered into a definitive agreement to sell its entire shareholding in Frigoinvest Nigeria Holdings Limited to Helios Investment Partners, a leading Africa-focused private equity firm, in a transaction valued at up to €100 million. The deal is subject to customary regulatory approvals and is expected to close in the first quarter of 2026.
Frigoinvest Nigeria Holdings serves as the holding entity for Frigoglass Group’s Nigerian glass operations, which include Beta Glass Plc and Frigoglass Industries Nigeria Limited. These businesses collectively operate across multiple segments, including the manufacturing of glass containers, plastic crates, and metal crowns, serving a diverse customer base in the beverage and packaging industries.
This divestment marks a significant milestone in the transformation strategy that Frigoglass has been implementing over the past three years. The Group reaffirmed its commitment to sharpening its focus on its core businesses—commercial refrigeration and glass packaging—while driving operational efficiency and improving asset performance. Frigoglass emphasized that the transition will be managed seamlessly, ensuring continued support for employees, customers, and partners in Nigeria throughout the handover period.
Frigoglass highlighted that Beta Glass, a flagship subsidiary that has consistently delivered strong margins and sustained growth in recent years, has attracted considerable interest from both domestic and international investors. The Group expressed confidence in Helios Investment Partners’ ability to build on Beta Glass’ 50-year legacy as a leading producer of glass packaging solutions, further strengthening its market position and growth trajectory.
Commenting on the transaction, Gagik Apkarian, Founder and Managing Director of Tetrad Capital Partners and Chairman of Frigoglass Group, stated:
We are confident that Helios Investment Partners, as the leading Africa-focused private equity firm, will be an excellent steward of Beta Glass’ 50-year legacy of delivering exceptional products and services to its customers. Frigoglass will continue to support Beta Glass during the transition period until the transaction is finalized in early 2026.
