The Frigoglass Group has entered into an agreement to sell Beta Glass to Helios Investment Partners.
The Frigoglass Group will sell the entirety of its shareholding in Frigoinvest Nigeria Holdings, the holding company of its Nigerian Glass business, for up to €100 million.
The holding company includes Beta Glass and Frigoglass Industries Nigeria, which comprises 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.
Gagik Apkarian, Founder and Managing Director of Tetrad Capital Partners, and Chairman of the Frigoglass Group, said: “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.”
The company will continue to work with its colleagues in Nigeria to ensure full support and focus to customers, suppliers, and partners during this transition period.
It will also support Helios Investment Partners to navigate the relevant local regulatory approval.
Mr Apkarian said: “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.”
The acquisition follows the company’s recent investment in renewing key infrastructure and furnaces at its Nigerian facilities.
In addition, the company has entered into a transaction support agreement (TSA) with its noteholders, under which they have agreed to extend the maturity dates of notes originally due in 2026 to March 2028.
