LAGOS, Nigeria – Beta Glass Plc, a manufacturer of glass packaging in West and Central Africa, will undergo a change in ownership following the decision by its majority shareholder, Frigoglass Group, to divest its stake in the company.
Frigoglass Group has signed an agreement to sell all its shares in Frigoinvest Nigeria Holdings B.V.—the holding company for its Nigerian glass business—to Helios Investment Partners. The transaction, valued at up to €100 million, includes the divestment of Beta Glass Plc and Frigoglass Industries Nigeria Limited. These entities represent the Group’s operations in glass container production, plastic crates, and metal crown manufacturing.
The deal remains subject to regulatory approvals and is expected to close in the first quarter of 2026. Beta Glass confirmed that it will continue to work with Frigoglass and local teams to maintain operations and support all stakeholders throughout the transition.
“This significant milestone is the culmination of nearly three years of intensive and multi-disciplinary transformation and growth,” said Gagik Apkarian, Chairman of the Frigoglass Group and Managing Director of Tetrad Capital Partners. He noted that Beta Glass’ performance and margins had drawn interest from both local and international investors.
Alex Gendis, Chief Executive of Beta Glass, commented: “We are delighted to welcome Helios Investment Partners to Beta Glass… it is right for Frigoglass to transition away from our business.”
Frigoglass initiated its transformation strategy in 2023 following a restructuring of its balance sheet. The firm stated it will continue to support Beta Glass until the transaction is completed and acknowledged support from its noteholders during this period.