The Coca‑Cola Company has formally entered into an agreement to sell Chivita|Hollandia (CHI Limited) to UAC of Nigeria PLC, pending regulatory approval.
CHI Limited is a prominent Nigerian food and beverage firm with a diversified portfolio of value‑added dairy products, juices, nectars, still drinks and snacks. The Hollandia brand leads the market in evaporated milk and drinking yoghurt, while Chivita dominates the fruit juice segment.
The transaction aligns with Coca‑Cola’s ongoing strategy to adopt a flexible, asset‑light operating model. It allows the company to concentrate on brands deemed most scalable.
As part of this broader strategy, Coca‑Cola has pledged to invest US $1 billion in Nigeria over five years, contingent on a predictable and enabling business environment. This underlines Africa’s significance as a long‑term growth frontier for the Coca‑Cola system.
Fola Aiyesimoju, Group Managing Director of UAC, commented: “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.”
“This acquisition presents significant potential to build on Chivita|Hollandia’s (CHI Limited’s) legacy of excellence and innovation. I would like to thank the management and staff of Chivita|Hollandia (CHI Limited) and look forward to working with the team to support the next phase of growth.”
Eelco Weber, Managing Director of CHI Limited, said: “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.”
He further stated: “We see a bright future for Chivita|Hollandia (CHI Limited). With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”
Citi served as the exclusive financial adviser to The Coca‑Cola Company, with McDermott Will & Emery as legal adviser. UAC was supported by Fasken Martineau LLP and Templars Law.
Founded in Lagos in 1980, CHI Limited grew into a market leader in fruit juices (Chivita) and value‑added dairy (Hollandia). Coca‑Cola initially acquired a 40 per cent stake in January 2016, completing its ownership in January 2019 by purchasing the remaining 60 per cent.
At the time, Coca‑Cola said: “Coca‑Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa.”
The acquisition was hailed as a reaffirmation of the firm’s belief in Africa’s emerging consumer markets and its long‑term investment prospects on the continent.
UAC of Nigeria PLC is a home‑grown holding company focused on manufacturing, marketing and distributing consumer brands within Africa.
The firm operates nine manufacturing facilities and several logistics and distribution hubs across Nigeria, employing around 5,000 staff.
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