Frigoglass has announced that it will sell its Nigerian glass operations to GZI Mauritius Limited.
The transaction is estimated to be worth around US$225 million and company shareholders and Standard Chartered Private played a pivotal role in the divestment.
Harry David, Chairman of Frigoglass Board of Directors, said: “After an extensive strategic review process, we are pleased to announce that we reached an agreement to sell the Glass business to GZI.
“The proceeds from the disposal will significantly delever our balance sheet and will allow us to focus on the full growth potential of our core global Cooler business.
“We believe GZI and its leading shareholders, including Standard Chartered Private Equity, are well placed to acquire and further grow a very successful glass business and they are the optimal partner to ensure continuity of quality and overall service support to our customers.”
Frigoglass CEO Torsten Tuerling added: “We have identified promising opportunities for profitable, sustainable growth in our Cooler business, driven by Product Innovation, Service expansion, and focusing on capitalising on our unique Footprint.
“Focusing our energy and investments on the core Cooler business will allow us to achieve unprecedented customer excitement and drive long-term shareholder value creation.” African Business Network