Helios moves to Acquire Frigoglass’ Nigerian Glass Assets in €100m Deal
Helios Investment Partners is set to acquire the Nigerian glass operations of the Frigoglass Group in a transaction valued at up to €100 million, marking one of the largest private-equity-led industrial acquisitions in Nigeria’s manufacturing sector in recent years.
According to a disclosure on the Nigerian Exchange Ltd., Frigoglass will divest its entire holding in Frigoinvest Nigeria Holdings BV, the parent company of Beta Glass Plc and Frigoglass Industries Nigeria Ltd.
The assets include glass container manufacturing, plastic crate production, and metal crown operations, positioning Helios to assume control of a vertically integrated packaging ecosystem that services Nigeria’s fast-moving consumer goods, beverage and industrial markets.
Frigoglass noted that the completion of the deal is subject to regulatory approvals and is expected in early 2026. The Group said it will work closely with customers, suppliers, partners and Helios to ensure a smooth transition.
Gagik Apkarian, Chairman of Frigoglass Group, described the agreement as “a milestone shaped by nearly three years of intensive transformation,” adding that Beta Glass’ record margins and performance attracted strong interest from both local and international investors.
He stated that Helios — one of Africa’s most prominent private equity firms — would make a “strong custodian” for Beta Glass’ five-decade legacy.
Beta Glass CEO, Alex Gendis, welcomed the acquisition, acknowledging that after many years of expansion, it was appropriate for Frigoglass to step aside for new ownership. He assured customers and partners that operations will continue without disruption throughout the transition period.
BRANDECONOMY Insight
The Helios–Frigoglass transaction underscores a growing trend: private equity is accelerating its footprint in Nigeria’s industrial and manufacturing backbone, particularly in sectors with export potential, stable demand and strong FMCG linkages.
For Beta Glass, the deal could unlock:
- New capital injection for capacity expansion amid rising demand for sustainable, recyclable packaging
- Improved operational efficiencies driven by Helios’ track record in restructuring and scaling African industrial assets
- Greater regional competitiveness, especially as AfCFTA deepens cross-border trade opportunities
For Nigeria, the acquisition signals renewed investor confidence in the real-sector economy, even in a challenging macro environment. As global supply chains shift, strategic manufacturing assets such as packaging and glass production are becoming increasingly attractive.
