KEY POINTS
- The Tope Lawani Helios strategy drives a major expansion into Nigerian manufacturing.
- Beta Glass operations form the core of the €100 million agreement.
- Regulators will review the deal ahead of an expected 2026 closing.
Helios Investment Partners, the private equity firm co-founded by Nigerian investor Tope Lawani, agreed to acquire full ownership of Frigoinvest Nigeria Holdings B.V., the parent company overseeing Frigoglass Group’s operations in Nigeria.
The transaction, valued at up to €100 million ($116 million), includes Beta Glass Plc and Frigoglass Industries Nigeria. The deal remains subject to regulatory approval, and both sides expect the process to conclude in the first quarter of 2026.
What executives are saying about the investment deal
Helios framed the deal as part of a broader effort to build out its presence in industrial and manufacturing supply chains across Africa. If completed, the private equity firm will take over businesses that produce glass containers, plastic crates and metal crowns used by beverage makers, food processors and pharmaceutical companies.
These products underpin the packaging needs of companies across West and Central Africa. The transaction follows a restructuring that Frigoglass began in 2023, when the group moved to stabilise its balance sheet and reposition its assets.
Gagik Apkarian, founder of Tetrad Capital Partners and chairman of the Frigoglass Group, said the agreement marks a turning point for the company after nearly three years of internal consolidation. “This 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.
We are confident that Helios, 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,” he said. He added that Frigoglass will continue to assist Beta Glass during the transition through early 2026.
Accoridng to Billionaire Africa, Beta Glass Chief Executive Alex Gendis said the business has undergone meaningful progress in recent years and that the timing supports the next phase. “We are delighted to welcome Helios Investment Partners to Beta Glass, and recognise that following a number of years of transformative growth it is right for Frigoglass to transition away from our business. It is testament to the underlying growth potential and our high performing teams that this transaction has come about, and I am excited about the future direction,” he said.
Helios investment deal expands in Africa Industry
The agreement keeps Frigoglass involved during the transition period. The group will support relationships with customers and suppliers and work with Helios as regulators review the acquisition. Frigoglass remains one of the leading producers of commercial coolers and glass packaging in West and Central Africa.
Nigeria continues to serve as one of its most important markets in the region. Beta Glass, based in Lagos, supplies bottles and packaging materials to beverage companies, pharmaceutical firms and food producers. It exports to Ghana, Côte d’Ivoire, Sierra Leone, Cameroon, South Africa and Burkina Faso.
Helios, founded in 2004 by Lawani and Babatunde Soyoye, manages about $3 billion across energy, finance, telecom infrastructure and consumer-linked sectors. Its teams work from London, Paris, Lagos and Nairobi. The firm has operated in more than 30 African markets and has long positioned itself close to local operators.
The acquisition of Frigoglass’ Nigeria assets extends that approach as Helios plans to take full control of Beta Glass and broaden its footprint in African manufacturing. The direction aligns with Tope Lawani Helios ambitions to strengthen the firm’s presence in sectors tied to consumer demand and industrial growth.
