The Digest:
According to a regulatory filing, London-based private equity firm Helios Investment Partners has reached an agreement to acquire a 70.1% majority stake in Beta Glass PLC, Nigeria's second-best-performing stock this year. The deal, valued at $100 million, involves the purchase of Frigoglass Group's entire shareholding in the West and Central African glass container manufacturer.
Key Points:
- Frigoglass Industries (61.9%) and Frigoinvest Nigeria (8.2%) are selling their combined holdings to Helios, with cash settlement expected by March 2026.
- The acquisition is pending regulatory approval, with Beta Glass set to assist in facilitating the transition.
- Beta Glass has seen extraordinary market performance, with its share price surging 531% year-to-date.
- The rally followed a nearly sevenfold increase in after-tax profit to N10 billion in Q1 2025.
- The company is the region's largest glass container producer, manufacturing 650 million units annually.
- Frigoglass intends to use the sale proceeds to repay maturing senior secured bonds.
- Beta Glass continues its expansion strategy, committing €17.5 million to grow its footprint across Francophone Africa under the AfCFTA framework.
Sources: Premium Times
