By Ayomide Otitoju
UAC of Nigeria PLC has reached an agreement to acquire CHI Limited—producers of Chivita and Hollandia brands—from The Coca-Cola Company, in a move aimed at strengthening UAC’s footprint in the Nigerian consumer goods sector.
The transaction, subject to regulatory approval, aligns with Coca-Cola’s global strategy to adopt a flexible, asset-light model while focusing on scaling high-growth brands. The beverage giant recently announced a $1 billion investment plan for Nigeria over the next five years, reaffirming its long-term commitment to the African market.
Fola Aiyesimoju, Group Managing Director of UAC, described the acquisition as a “significant opportunity” to build on CHI Limited’s legacy. “As a company with a strong presence in Africa, we are committed to the continent’s growth. This acquisition presents significant potential,” he said.
CHI Limited, with over 5,000 employees, has maintained its leadership in the juice and dairy categories. Managing Director Eelco Weber credited the company’s workforce for its progress and recognition as a Gold-rated Great Place to Work.
“We see a bright future for Chivita|Hollandia,” Weber said. “With UAC’s support, we anticipate exciting new growth opportunities.”
Citi acted as exclusive financial advisor to The Coca-Cola Company. Legal advisory was provided by McDermott Will & Emery for Coca-Cola, and Fasken Martineau LLP and Templars Law for UAC.
