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The Coca-Cola Company, the multinational drinks company, has announced that it has entered into an agreement to sell Chi, a leading food and beverage player in Nigeria, to UAC of Nigeria.
Founded in 1980, Chi offers a portfolio that includes dairy products, fruit juices, nectars, still drinks and snacks. Hollandia is Nigeria’s market leader in evaporated milk and drinking yoghurt, while Chivita leads in fruit juices. The Coca-Cola Company took complete ownership of Chi in 2019.
UAC is a holding company with a focus on manufacturing, marketing and distributing major consumer brands across Africa. The business operates nine factories and a network of logistics and distribution hubs in Nigeria, with 5,000 employees.
Commenting on the move, UAC group managing director Fola Aiyesimoju said: “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”.
The transaction is subject to regulatory approval.
Source: Coca‑Cola
