A major strategic realignment is underway in Nigeria’s manufacturing sector, as the Frigoglass Group confirms the sale of its Nigerian Glass business to Helios Investment Partners, a premier Africa-focused private equity firm. The transaction, valued at up to €100 million, represents the final major step in Frigoglass Group’s post-restructuring strategy initiated in 2023.
The agreement covers the entirety of Frigoglass’s shareholding in Frigoinvest Nigeria Holdings, the holding company encompassing:
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Beta Glass PLC: The core Nigerian glass container manufacturing entity.
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Frigoglass Industries Nigeria: Operations related to plastic crates and metal crowns manufacturing.
Culmination of Transformation and Financial Rebalancing
Gagik Apkarian, Founder of Tetrad Capital Partners and Chairman of the Frigoglass Group, described the sale as the “culmination of nearly three years of intensive and multi-disciplinary transformation.”
The divestiture provides Frigoglass with a significant capital injection, which has already been strategically leveraged. The company announced it has concurrently entered into a Transaction Support Agreement (TSA) with its noteholders, agreeing to extend the maturity dates of its notes—originally due in 2026—to March 2028. This move effectively strengthens Frigoglass’s balance sheet and provides vital financial breathing room following the sale.
Helios: A New Steward for a 50-Year Legacy
The acquisition, which is subject to standard regulatory approval and is expected to close in the first quarter of 2026, transfers ownership of a manufacturing entity with a deep history in Nigeria. Beta Glass boasts a 50-year heritage of supplying containers to the country’s fast-moving consumer goods (FMCG) and beverage sectors.
The deal follows Frigoglass’s recent substantial investment in renewing key infrastructure and furnaces at the Nigerian facilities, ensuring the asset is handed over with modernized operational capacity.
The outgoing management expressed confidence in the buyer: “We are confident that Helios Investment Partners, the leading Africa-focused private equity firm, will be a great steward of Beta Glass’ heritage of offering outstanding products and services,” Apkarian affirmed.
Frigoglass is committed to ensuring a seamless transition, pledging full support to its Nigerian colleagues, customers, and partners, and assisting Helios in navigating the relevant local regulatory landscape.
