Amanze ChinonyeUAC of Nigeria PLC has announced it has entered into a definitive agreement with The Coca-Cola Company to acquire CHI Limited, the parent company of the iconic Chivita and Hollandia brands, in a transaction poised to reshape Nigeria’s fast-moving consumer goods (FMCG) landscape.
The landmark deal subject to regulatory and shareholder approval marks a significant expansion of UAC’s footprint in Nigeria’s food and beverage sector. CHI Limited is widely recognized as a leading player in value-added dairy products, juices, nectars, still drinks, and snacks. Its Hollandia brand is the market leader in evaporated milk and drinking yoghurt, while the Chivita brand dominates the fruit juice segment.
Join our WhatsApp ChannelUAC’s Group Managing Director, Fola Aiyesimoju, described the acquisition as a “milestone” that aligns with the company’s growth agenda and its ambition to deepen its role in Nigeria’s FMCG sector.
“As a company with a strong presence in Africa, we are deeply committed to the continent’s growth. This acquisition presents significant potential to build on Chivita / Hollandia’s legacy of excellence and innovation,” Aiyesimoju stated. He added that UAC is confident in its ability to support the next phase of growth for CHI Limited, leveraging its distribution network and local market experience.
The deal comes as Coca-Cola restructures its global operations toward a more asset-light model, focusing on core, scalable brands. Coca-Cola, which had acquired full ownership of CHI Limited in 2019, confirmed it remains committed to Nigeria and the broader African market. As part of that commitment, the company has pledged to invest $1 billion in Nigeria over the next five years, subject to a stable regulatory and macroeconomic environment.
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Eelco Weber, Managing Director of CHI Limited, noted that the company had made significant progress in recent years, with both Chivita and Hollandia emerging as category leaders. He praised the contributions of CHI’s over 5,000 employees, whose efforts led to the company’s certification as a Gold-rated “Great Place to Work.”
“We see a bright future for Chivita / Hollandia. With the strength of our team and UAC’s dedication, there will be exciting opportunities for further growth,” Weber said. The management team, including Weber, is expected to continue leading the business post-acquisition.
UAC was advised legally by Fasken Martineau LLP and Templars, while Citi acted as Coca-Cola’s exclusive financial advisor. McDermott Will & Emery served as Coca-Cola’s legal counsel.
Pending regulatory approvals, the acquisition will position UAC as a dominant force in Nigeria’s non-alcoholic beverage and dairy segments. Analysts view the deal as a turning point in the industry, particularly amid growing consumer demand for value-added products and increased competition in the post-subsidy era.
If completed, the transaction will be one of the most significant consumer goods acquisitions in Nigeria in recent years, reinforcing UAC’s presence across food, logistics, and household brands.
CHI Limited is one of Nigeria’s foremost FMCG companies, known for its innovative and high-quality dairy and juice brands, including Chivita Active, Hollandia Evap Milk, and Capri-Sun (distributed under license). The company operates nine production facilities and maintains a robust nationwide distribution network.
Founded in 1879, UAC of Nigeria PLC is a diversified business group with interests spanning food and beverages, real estate, logistics, and paint manufacturing. The acquisition of CHI Limited signals a strategic return to dominance in Nigeria’s food and beverage sector.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
