After two months of regulatory scrutiny, Africa-focused private equity giant Helios Investment Partners has completed its €100 million (approximately $116.9 million) acquisition of Beta Glass Plc, positioning itself at the heart of Nigeria’s rapidly expanding beverage packaging industry.
The deal, first announced in December 2025, transfers control of West and Central Africa’s largest glass packaging manufacturer from Greece’s Frigoglass Group to Helios Fund V, marking one of the most significant manufacturing sector transactions in Nigeria this year.
Record Year Seals the Deal
The acquisition comes on the heels of Beta Glass’s breakout 2025 financial performance, which saw the company more than double its pre-tax profit to N50.66 billion—a staggering 154.5% year-on-year surge that caught the attention of investors across Africa’s most populous nation.
“We are proud of the transformation and performance achieved by Beta Glass over the past three years, driven by the dedication of our people and the strength of our operations.”
— Alex Gendis, CEO, Beta Glass Plc
Revenue climbed 26.8% to N149.12 billion as the company’s three manufacturing plants—located in Agbara, Ijebu Ode, and Ughelli—ramped up production to meet surging demand from Nigeria’s beverage sector. The company’s shares rose nearly 600% during 2025, making it the Nigerian Exchange’s second-best performing stock.
Beverage Industry at the Core
Beta Glass sits at the epicenter of Nigeria’s beverage supply chain, producing 650 million glass containers annually for soft drink manufacturers, breweries, wine and spirits companies that serve a consumer market exceeding 230 million people.
The timing couldn’t be better. Nigeria’s beverage packaging market is experiencing robust growth, driven by urbanization, a rising middle class, and sustained demand for packaged beverages. Industry analysts project the broader Nigerian packaging market will reach $1.06 billion by 2030, with glass containers benefiting from import restrictions that shield local manufacturers from Asian competition.
Glass packaging remains the preferred choice for premium beverages, offering durability, recyclability, and product safety that plastic alternatives cannot match. Beta Glass’s customer concentration reflects this reality—four major beverage companies account for 70% of the manufacturer’s total sales.
“The beverage industry’s growth trajectory in Nigeria is compelling,” said Gagik Apkarian, Chairman of Frigoglass Group. “Beta Glass’s record-breaking performance, industry-leading margins and tremendous growth opportunities attracted significant interest from domestic and international buyers.”
Beyond Bottles: A Diversified Operation
While glass containers drive the business, Beta Glass also produces 5.5 million plastic beverage crates and 3.2 billion metal crowns (bottle caps) annually through its subsidiary, Frigoglass Industries Nigeria Limited. This diversified product mix positions the company as a one-stop packaging partner for beverage manufacturers.
The company’s October 2025 completion of a furnace rebuild at its Delta Plant—finished in a record 48 days—demonstrates its commitment to operational excellence. The €17.5 million capital investment extends the furnace’s operational life by 8-10 years while adding 30 tons of daily production capacity.
Pharmaceutical and Food Applications
Though beverages dominate Beta Glass’s revenue stream, the company also serves Nigeria’s pharmaceutical and food industries with specialized glass packaging. The pharmaceutical sector, in particular, requires the hermetic seal and chemical inertness that only glass containers provide, making Beta Glass essential to the country’s healthcare supply chain.
African Expansion in Focus
Beta Glass has been steadily expanding its footprint beyond Nigeria, now exporting to more than nine countries across West and Central Africa, including Ghana, Burkina Faso, Ivory Coast, and Senegal. The company is leveraging the African Continental Free Trade Area (AfCFTA) to access Francophone markets, using French-speaking sales teams and Port Harcourt logistics infrastructure to penetrate regional markets.
Helios Investment Partners’ track record of scaling market-leading African businesses suggests this regional expansion will accelerate under new ownership. The private equity firm manages multiple funds with billions in assets and has built a reputation for operational improvements and strategic capital deployment across the continent.
What’s Next for the Glass Giant
Under Helios ownership, Beta Glass is expected to pursue aggressive capacity expansion, technology upgrades, and deeper market penetration across West Africa’s beverage belt. The company’s strong cash generation—operating cash flow surged 589% to N31.65 billion in the third quarter of 2025—provides financial firepower for growth initiatives.
“We welcome Helios Investment Partners and look forward to leveraging their deep experience across African markets to unlock long-term value, drive sustainable growth, and reinforce our commitment to customers, employees, and stakeholders,” Gendis said in a statement announcing the transaction’s completion.
The acquisition required approval from Nigerian regulatory authorities, including the Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission. Frigoglass will use the €100 million proceeds to reduce debt and refocus on its core refrigeration equipment business in the Middle East and North Africa.
Industry Implications
The Helios-Beta Glass deal signals continued private equity appetite for Nigeria’s manufacturing sector, despite macroeconomic headwinds including foreign exchange volatility and elevated energy costs.
For Nigeria’s beverage industry, the transaction promises stability and growth in packaging supply—critical factors as soft drink manufacturers, breweries, and spirits companies scale production to meet demand from Africa’s largest consumer market.
Beta Glass’s combination of installed capacity, operational expertise, and regional distribution network makes it a strategic asset in an industry where packaging reliability can make or break beverage producers’ ability to meet market demand.
The company’s 793-person workforce and management team, led by Gendis and CFO Hélène Paradisi, will continue operations under the new ownership structure, ensuring business continuity for customers who depend on Beta Glass for their packaging needs.
About Beta Glass Plc
Founded in 1974 and headquartered in Lagos, Nigeria, Beta Glass Plc is West and Central Africa’s leading manufacturer of glass packaging solutions. The company operates three state-of-the-art manufacturing facilities producing 650 million glass containers, 5.5 million plastic crates, and 3.2 billion metal crowns annually. Beta Glass serves the beverage, pharmaceutical, food, and cosmetics industries across Nigeria and exports to more than nine countries in West and Central Africa.
About Helios Investment Partners
Helios Investment Partners is a leading Africa-focused private investment firm with a track record of building market-leading businesses across multiple sectors. The firm manages several funds investing in consumer goods, industrial companies, infrastructure, financial services, and technology-enabled businesses across sub-Saharan Africa.
