Frigoglass Sells Nigerian Glass Business to Helios in Latest Multinational Exit 

Greece-based Frigoglass Group has entered into an agreement to sell the entirety of its shareholding in Frigoinvest Nigeria Holdings B.V., the holding company of its Nigerian Glass business for a consideration of up to €100 million to Helios Investment Partners.

Its glass business includes Beta Glass plc and Frigoglass Industries Nigeria Limited, which comprise the group’s glass container, plastic crates, and metal crowns manufacturing activities.

The transaction is subject to regulatory approval and expected to be completed in the first quarter of 2026, according to a statement on Monday.

The company said it will continue to work with its colleagues in Nigeria to ensure full support and focus to customers, suppliers, and partners during this transition period along with supporting Helios Investment Partners to navigate the relevant local regulatory approval. 

This follows the recent major investment in renewing key infrastructure and furnaces at operational facilities in Nigeria as part of the Company’s ongoing investment programme.

The company said it had also entered into a transaction support agreement with a group of creditors holding significant majorities in each of its senior secured notes due 2026 with an initial principal amount of the €20 million, senior secured notes due 2026 with an initial principal amount of €75 million and second lien secured notes due 2028 with an initial principal amount of €150 million.

“This significant milestone is the culmination of nearly three years of intensive and multi-disciplinary transformation and growth across the Company’s various divisions that we embarked on in 2023 post Frigoglass Group’s balance sheet restructuring,” Gagik Apkarian, Founder and Managing Director of Tetrad Capital Partners and Chairman of the Frigoglass Group said.

“With Beta Glass’ record-breaking performance, industry-leading margins and tremendous growth opportunities, it has attracted significant interest from domestic and international buyers. We are confident that Helios Investment Partners, the leading Africa-focused private equity firm, will be a great steward of Beta Glass’ 50-year heritage of offering outstanding products and services to Beta Glass’ customers. We will continue to support Beta Glass in the months ahead until the consummation of the transaction early in 2026.”