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Helios Investment Partners, the UK-based private equity firm co-founded by Nigerian investor Tope Lawani, has agreed to buy all the shares in Frigoinvest Nigeria Holdings B.V., the parent company of Frigoglass Group’s Nigerian operations. The deal covers Beta Glass Plc and Frigoglass Industries Nigeria and comes with a price tag of up to €100 million ($116 million). The move, which requires regulatory approval, is expected to close in the first quarter of 2026.
For Helios, the agreement reflects its broader push under Lawani to deepen its presence in manufacturing and industrial supply chains across Africa. Once completed, Helios will take control of a business that produces glass containers, plastic crates and metal crowns—products widely used by beverage makers, food companies and pharmaceutical firms. The businesses have been central to Frigoglass Group’s operations in West and Central Africa and were part of a restructuring path the group began in 2023 after overhauling its balance sheet.
What executives are saying about the blockbuster deal
Gagik Apkarian, founder of Tetrad Capital Partners and chairman of Frigoglass Group, said the decision follows nearly three years of internal work to stabilize operations and prepare the group for a handover that preserves its long-term position. “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 until the deal is finalized in early 2026.
Beta Glass Chief Executive Alex Gendis said the company welcomes the change, noting that the timing aligns with the progress made in recent years. “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 deepens investments in African industry
Under the terms, Frigoglass will continue to work with Beta Glass and its Nigerian operations during the transition, including supporting customer and supplier relationships and assisting Helios through the regulatory process. Frigoglass remains a top producer of commercial coolers and glass packaging for global beverage brands, with Nigeria as one of its key hubs in West and Central Africa. Beta Glass, based in Lagos, supplies premium glass bottles and containers to beverage, pharmaceutical and food companies across Ghana, Côte d’Ivoire, Sierra Leone, Cameroon, South Africa and Burkina Faso, with additional exports across the region.
Helios, founded in 2004 by Tope Lawani and Babatunde Soyoye, has grown into one of the most active Africa-focused private investment firms. It manages about $3 billion and has invested across energy, financial services, telecom infrastructure and consumer-driven businesses. Its team operates from London, Paris, Lagos and Nairobi, a structure aimed at keeping senior partners close to local operators. Over the years, Helios says it has worked with entrepreneurs and management teams in more than 30 African markets — experience it now brings into Nigeria’s manufacturing sector as it prepares to take full control of the Beta Glass.
