UAC of Nigeria Plc has announced a landmark agreement to acquire CHI Limited, makers of Chivita and Hollandia, from The Coca-Cola Company.
The deal, which is still subject to regulatory approval, represents a major milestone in UAC’s long-term growth strategy and a significant reshuffling of the Nigerian beverage landscape.
CHI Limited, one of the country’s leading food and beverage companies, is known for its wide portfolio of value-added dairy products, juices, still drinks, nectars, and snacks that have become staples in Nigerian households.
In a statement issued on Wednesday, UAC emphasized that the acquisition aligns with Coca-Cola’s ongoing transition to a more flexible, asset-light operating model, as it concentrates on scaling its highest-performing brands across key markets.
“The Coca-Cola system recently announced it will invest $1 billion in Nigeria over five years and remains committed to these investments, provided a predictable and enabling environment is in place,” the statement read.
Highlighting the importance of Africa in Coca-Cola’s long-term strategy, the company underscored its confidence in the continent’s growth potential despite the operational pivot.
Speaking on the deal, Fola Aiyesimoju, Group Managing Director of UAC, expressed optimism about CHI Limited’s future under UAC’s stewardship.
“As a company with a strong presence in Africa, we are deeply committed to the continent’s growth. We are pleased to announce the acquisition of Chivita|Hollandia (CHI Limited), a leading dairy and juice business in the region,” Aiyesimoju said.
“This acquisition presents significant potential to build on Chivita|Hollandia’s legacy of excellence and innovation.”
He also commended the leadership and workforce at CHI Limited and affirmed UAC’s readiness to collaborate with them in driving the next chapter of the company’s journey.
On his part, Eelco Weber, Managing Director of CHI Limited, praised the company’s progress in recent years and acknowledged the contributions of its workforce.
“I would like to thank our over 5,000 employees for their hard work and dedication in bringing our business forward and earning us recognition as a Gold-rated Great Place to Work,” Weber said.
“We see a bright future for Chivita|Hollandia. With the strength of our team and the dedication of UAC, there will be exciting opportunities for further growth.”
According to the statement, Fasken Martineau LLP and Templars acted as legal advisors to UAC, while Citi served as Coca-Cola’s exclusive financial advisor. McDermott Will & Emery provided legal counsel to the global beverage giant.
