The Coca-Cola Company has announced it has entered into an agreement to sell Chivita|Hollandia (CHI Limited) to UAC of Nigeria PLC (UAC), The deal, which is pending regulatory approval, marks a strategic pivot for both companies, with Coca-Cola doubling down on its asset-light model while UAC makes a bold move to consolidate its position in the fast-moving consumer goods (FMCG) space.
CHI Limited (Chivita|Hollandia), widely recognized for household brands such as Chivita juices and Hollandia dairy products, is one of the dominant players in Nigeria’s beverage sector. The company boasts leadership in two key categories: Chivita as the market leader in fruit juice and Hollandia as the top brand in evaporated milk and drinking yoghurt.
The Coca-Cola Company first invested in CHI Limited in 2016 and acquired full ownership in 2019. Despite the sale, the Coca-Cola system reaffirmed its commitment to Nigeria, recently announcing plans to invest $1 billion in the country over the next five years, contingent on a predictable and enabling environment.
The acquisition signals a significant expansion for UAC, one of Nigeria’s oldest and most diversified conglomerates, with a strong presence in manufacturing, marketing, and distribution of leading consumer brands. With 5,000 employees, nine manufacturing facilities, and an extensive distribution network across the country, UAC is well-positioned to absorb and scale CHI Limited’s operations.
Fola Aiyesimoju, Group Managing Director of UAC, said in a statement:
“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, echoed the enthusiasm and noted the company’s progress over the years:
“The business has made significant progress over the past few years, with the Chivita and Hollandia brands becoming clear leaders in their categories.”
“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 and the management team expressed confidence in the future under UAC’s ownership:
“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.”
Legal advisors included McDermott Will & Emery acted as legal advisors for Coca-Cola, with Citi acting as the exclusive financial advisor. Fasken Martineau LLP and Templars Law represented UAC.
