Helios Investment Partners Acquires Beta Glass PLC in €100m Deal from Frigoglass Group

Frigoglass Group has agreed to divest its entire Nigerian glass operations, including NGX listed Beta Glass PLC and Frigoglass Industries Nigeria Limited, to Africa-focused private equity firm Helios Investment Partners (acting on behalf of the funds it advises), for a consideration of up to €100 million.

Following a competitive bidding process, the transaction involves the sale of Frigoglass's full shareholding in Frigoinvest Nigeria Holdings B.V., the holding company for the Group's Nigerian glass business. This encompasses manufacturing activities for glass containers, plastic crates, and metal crowns. The deal is subject to regulatory approvals and is expected to close in the first quarter of 2026.

Beta Glass Plc, West Africa's premier producer of glass packaging solutions for beverages, pharmaceuticals, and food products, is headquartered in Lagos and listed on the Nigerian Exchange. As of December 31, 2024, Frigoglass Industries (Nigeria) Limited held 371,269,358 shares (61.88%), Frigoinvest Nigeria Holdings B.V. held 48,999,757 shares (8.17%), and Stanbic IBTC Nominees Nigeria Limited held 35,668,675 shares (5.95%). Upon completion, Helios Investment Partners will gain approximately 70% control of Beta Glass Plc through the acquisition of Frigoinvest Nigeria Holdings B.V.

During the transition, Beta Glass will maintain normal operations. Frigoglass has committed to providing continued support to customers, suppliers, partners, and staff in Nigeria, while assisting Helios with obtaining the necessary local regulatory approvals. This follows the recent major investment in renewing key infrastructure and furnaces at the operational facilities in Nigeria as part of the Company’s ongoing investment programme.

The divestment marks the culmination of a three-year turnaround for the Nigerian unit, initiated after Frigoglass's 2023 balance-sheet restructuring. The business has achieved record revenues, industry-leading margins, and strong growth prospects, drawing significant interest from both domestic and international investors.