Frigoglass Group, the UK-based manufacturer of beverage coolers, is in talks to sell its Nigerian business, Africa’s largest glass container producer, as it looks to raise cash ahead of looming debt maturities.
The company, which builds refrigerators used by drink makers across the world, is drawing interest from potential buyers for its Nigerian unit Beta Glass Plc, Chairman Gagik Apkarian said in an interview. He declined to name the interested parties, but said Beta’s soaring profit made it an attractive asset.
The Beta Glass talks come shortly after Frigoglass agreed to dispose of its Russian subsidiary. Apkarian said he couldn’t rule out more asset sales, depending on the right price, noting Frigoglass has several options to address debt maturities, “one of which may be to use proceeds from the monetization of its assets.”
As of June, the group had roughly €114.5 million ($134.7 million) of senior secured bonds coming due in March and April, while public filings show it sits on just €29 million of cash. However, a restructuring and recapitalization two years ago means bondholders also own most of the equity in Frigoglass.
The company and its related entities have a somewhat complicated structure, a legacy of a restructuring in 2023. As part of that process, Frigoglass SAIC’s operations and businesses were transferred to Frigo DebtCo Okc. The Athens-listed company still exists as a separate entity.
Frigo DebtCo is the parent of the Frigoglass Group. Bondholders own 85% of Frigo DebtCo, while Frigoglass SAIC holds the remaining 15%.
Apkarian said he and the other bondholders would seek to exit all of their investment at some point, after getting the company into “the best possible shape.”
Frigoglass Group faces a €21.2 million bond repayment in March 2026, followed by a €87.8 million maturity in April. Both issues represent senior secured financing, with prices indicated in the low 80 cents in the euro, according to data compiled by Bloomberg.
“We need to be thoughtful how to manage,” Apkarian said. “Holders would like to get their money when the bonds mature, but if we can get more money back to them by waiting, that’s up for discussion.”
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Apkarian said Betaglass, the Nigerian unit, has a market share of over 65% in the West African country, serving customers such as Coca-Cola HBC, Heineken NV and ABInBev SA. It is expected to achieve near-record profitability this year, he added.
Beta Glass shares have soared almost 600% this year and are trading around 437 naira ($0.29).
For Frigoglass Group overall, earnings before interest, taxes, depreciation and amortization (Ebitda) hit a record high of €65.3 million in the first half of 2025, a recent financial report showed, up from €44.5 million in 2024.
