Helios Investment Partners (prominent Africa-focused private equity firm), through its Helios Fund V, has completed the acquisition of Frigoinvest Nigeria Holdings B.V. This holding company indirectly controls significant stakes in BetaGlass Plc and Frigoglass Industries Nigeria Limited (FINL), marking a major ownership transition for Nigeria's leading glass packaging operations.
The transaction, valued at up to €100 million (approximately $117 million), was initially announced in December 2025 following a competitive bidding process. Frigoglass Group has divested its entire Nigerian glass business, which includes manufacturing of glass containers, plastic crates, and metal crowns. Beta Glass Plc, listed on the Nigerian Exchange (NGX) and headquartered in Lagos, stands as West Africa's premier producer of glass packaging for beverages, pharmaceuticals, and food products. FINL focuses on plastic crates and metal crowns, serving major blue-chip bottlers and global brands across the region.
As of 2025 shareholding data, Frigoglass Industries (Nigeria) Limited held approximately 61.88% of Beta Glass, with Frigoinvest Nigeria Holdings B.V. owning 8.17% and other nominees holding smaller portions. Through this acquisition, Helios gains roughly 70% controlling interest in Beta Glass Plc.
Helios plans to partner with the existing management team to capitalize on strong historical performance, meet growing domestic and regional demand, and strengthen supply chain security for key clients in Nigeria and beyond. Recent investments by Frigoglass in renewing infrastructure and furnaces at Nigerian facilities will support a smooth continuation of operations.
The Helios Fund V is supported by the IFC - International Finance Corporation., European Investment Bank (EIB), DEG , and Japan International Cooperation Agency (JICA)
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