Nigeria’s leading glass packaging manufacturer, Beta Glass Plc, has a new controlling shareholder after the Africa-focused private equity firm Helios Investment Partners completed its acquisition of the company’s parent company from Frigoglass Group.
The transaction, valued at approximately €100 million, was announced on Wednesday following regulatory approvals. Helios Fund V, managed by Helios, acquired Frigoinvest Nigeria Holdings B.V., the holding company for Frigoglass’ Nigerian operations, which includes indirect stakes in Beta Glass and Frigoglass Industries Nigeria Limited.
The deal, first announced in December 2025, consolidates Helios’ presence in Nigeria’s strategic industrial sector, supplying glass bottles and containers to breweries and consumer goods companies across West and Central Africa.
Beta Glass, which has posted robust financial performance in recent years, more than doubled its net income in 2025 amid a rebound in demand from brewers and fast-moving consumer goods companies, as well as improvements in operational efficiency. The company said the new ownership will enable it to accelerate growth, expand capacity, and deepen its role as a key supplier to Nigeria’s manufacturing and consumer goods ecosystem.
“We are proud of the transformation and performance achieved by Beta Glass over the past three years,” said Alex Gendis, CEO of Beta Glass. “Helios’ experience across African markets will help unlock long-term value and support sustainable growth for the business.”
Helios, one of the continent’s largest private equity investors, has a history of backing companies across financial services, telecoms, energy, and industrial sectors. Its investment in Beta Glass is expected to support capital expenditure plans, operational improvements, and product innovation, coinciding with Nigeria’s broader push to revive local manufacturing and reduce import dependence.
The company confirmed operations will continue uninterrupted under Helios’ stewardship, with no changes to its commitment to employees, customers, or product quality. Beta Glass remains a vital supplier to the Nigerian food and beverage sector, which has faced volatile input costs and foreign-exchange pressures in recent years.
For Frigoglass Group, the sale represents the culmination of a three-year transformation process aimed at restructuring its balance sheet, streamlining operations, and returning capital to noteholders. The proceeds from the transaction will be used to redeem various senior secured notes issued between 2024 and 2025, enabling Frigoglass to focus on its commercial cooler business and other core operations.
Gagik Apkarian, founder and managing director of Tetrad Capital Partners and chairman of Frigoglass Group, described the transaction as “a significant milestone” following three years of intensive restructuring and growth initiatives. “We have worked closely with Beta Glass’ management team to enable record performance in 2025. With Helios at the helm, Beta Glass is well-positioned to achieve even greater heights in the years ahead,” he said.
The acquisition underscores Helios’ strategic commitment to Africa’s manufacturing sector, bringing one of Nigeria’s leading industrial companies into its portfolio at a time of rising domestic demand and regional expansion opportunities.
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