Coca-Cola, the multinational soft drinks giant, has announced that it has agreed to acquire an initial minority shareholding in Chi, a company it describes as “Nigeria’s leading value-added dairy, juices and snacks business”.
The agreement creates a strategic relationship within Africa’s largest economy that together serve Nigeria’s sparkling soft drinks, juices, value-added dairy and water beverage brands, including include Hollandia and Chivita, Coca Cola added. The deal makes provision for Coca-Cola to increase its initial 40% equity investment to 100% within three years, subject to regulatory approvals, while working on other long-term commercial structures.
Nathan Kalumbu, president of Coca-Cola Eurasia and Africa, commented: “For more than 30 years Chi’s leadership has built a greatly admired business that has quickly grown to become Nigeria’s leading producer and distributor of value-added dairy and juice products and we are delighted to enter the next phase of our growth journey together. Coca-Cola and Chi share the same commitment to Africa, to investing in our operations and to continuous innovation, and our relationship will allow us to continue to provide Nigerian consumers the No. 1 beverage in each of the categories we serve”.