• Frigoglass to sell Nigerian packaging unit to Helios for nearly €100M
  
  
• Deal includes Beta Glass, marks Frigoglass’s exit from Nigeria by 2026
  
  
• Company shifts focus to MENA cold-chain growth, expanding Egypt operations

Greek commercial refrigeration equipment maker Frigoglass has begun selling its Nigerian packaging business to pan-African investment firm Helios Investment Partners in a deal worth nearly 100 million euros ($116.9 million), the company said on Dec. 8.

Frigoglass said the transaction, which still requires regulatory approval, is expected to close in the first quarter of 2026.

The sale covers Frigoglass’s entire stake in Frigoinvest Nigeria Holdings B.V., the holding company for the group’s packaging operations in Nigeria. Its subsidiaries include Beta Glass Plc and Frigoglass Industries Nigeria Ltd in Ogun State, which produce glass bottles, plastic crates and metal caps for the beverage, food and pharmaceutical industries.

“The company will work closely with its teams in Nigeria to ensure uninterrupted support for customers, suppliers and partners during the transition, and to assist Helios in securing local regulatory approvals,” Frigoglass said.

The move marks Frigoglass’s exit from Nigeria after more than two decades of operations and comes as the group focuses on expanding its commercial refrigeration business in the Middle East and North Africa.

Frigoglass has operated in Egypt since June 2025 through a partnership with local appliance manufacturer Fresh SAE. In November, the company said it plans to raise annual beverage refrigerator production in Egypt to 100,000 units by 2028 as part of a strategy to secure about 30% of the MENA market.

The expansion reflects strong growth prospects for cold-chain logistics in the region. According to BCC Research, the Middle East and North Africa cold-chain market is expected to grow at an average annual rate of 8.8% to reach $41.1 billion between 2025 and 2030.

Outside Egypt, Frigoglass’s only remaining manufacturing operation in Africa is its commercial refrigerator plant in Johannesburg, which supplies beverage companies including Coca-Cola and PepsiCo.

Stéphanas Assocle