The UAC of Nigeria PLC has announced a landmark agreement to acquire CHI Limited, the producer of popular beverage brands Chivita and Hollandia, from The Coca-Cola Company. The acquisition, which is subject to regulatory approval, was disclosed in a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday.
According to UAC, the transaction marks a major step forward in its long-term growth strategy, significantly strengthening its presence in Nigeria’s fast-moving consumer goods (FMCG) sector. The deal also aligns with Coca-Cola’s global strategy to maintain a flexible, asset-light business model, focusing on scaling high-potential brands.
“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 filing stated, underscoring Africa’s importance as a long-term growth region for the beverage giant.
UAC Group Managing Director Fola Aiyesimoju expressed optimism about the acquisition, describing CHI Limited as a leader in the dairy and juice market. “This acquisition presents significant potential to build on Chivita/Hollandia’s legacy of excellence and innovation,” he said. “We look forward to working with the team to support the next phase of growth.”
CHI Limited’s Managing Director, Eelco Weber, welcomed the development, highlighting the company’s recent progress and the strength of its workforce. “With over 5,000 dedicated employees, we’ve earned recognition as a Gold-rated Great Place to Work,” he noted.
Weber and his management team expressed confidence in CHI Limited’s future under UAC’s leadership, citing promising prospects for further expansion.
The deal was facilitated by several top advisory firms. Fasken Martineau LLP and Templars served as legal advisors to UAC, while Citi acted as exclusive financial advisor to Coca-Cola, with McDermott Will & Emery providing legal counsel.
The acquisition positions UAC to leverage the strong brand equity of Chivita and Hollandia, both of which have become household names in Nigeria’s beverage market.
