UAC of Nigeria Plc has announced it has entered into an agreement to acquire Chivita|Hollandia (CHI Limited), one of Nigeria’s leading food and beverage companies, from The Coca-Cola Company.
The proposed transaction, subject to regulatory approvals, marks a major milestone in UAC’s strategic growth agenda within the fast-moving consumer goods (FMCG) sector.
The deal was disclosed in a regulatory filing with the Nigerian Exchange Limited (NGX) on Wednesday. While financial terms of the transaction were not disclosed, UAC confirmed that the acquisition aligns with its ambition to expand its footprint in the value-added dairy and juice markets, leveraging the strength of CHI Limited’s household brands — Hollandia and Chivita.
“This acquisition presents significant potential to build on Chivita|Hollandia’s legacy of excellence and innovation,” said Fola Aiyesimoju, Group Managing Director of UAC. “As a company with a strong presence in Africa, we are deeply committed to the continent’s growth and are excited to welcome this leading dairy and juice business into our portfolio.”
CHI Limited has built a reputation for high-quality products across dairy, juices, nectars, still drinks, and snacks. The company, with over 5,000 employees, has received recognition as a “Gold-rated Great Place to Work” and has positioned its brands as leaders in their respective categories.
Eelco Weber, Managing Director of Chivita|Hollandia, highlighted the company’s progress and expressed confidence in its future under new ownership. “We see a bright future for Chivita|Hollandia. With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth,” Weber said.
The Coca-Cola Company, which acquired a controlling stake in CHI Limited in 2019, described the divestment as part of its global strategy to adopt a flexible, asset-light operating model, allowing greater focus on scalable brand development.
Coca-Cola reaffirmed its long-term commitment to Nigeria, noting its plans to invest $1 billion in the country over five years. “This investment underscores the importance of Africa as a long-term growth opportunity for the Coca-Cola system, provided a predictable and enabling environment is in place,” the company said.
Legal and financial advisers on the transaction include Fasken Martineau LLP and Templars for UAC, while Citi acted as exclusive financial advisor to The Coca-Cola Company, with McDermott Will & Emery serving as its legal counsel.
UAC said the transaction represents a strategic milestone that not only strengthens its consumer goods portfolio but also positions the company for broader value creation in the Nigerian economy through increased innovation, operational scale, and job creation.
