UAC of Nigeria PLC has entered into an agreement to acquire Chivita|Hollandia (CHI Limited) from The Coca-Cola Company, in a landmark deal that expands UAC’s presence in Nigeria’s fast-moving consumer goods (FMCG) sector.
The announcement, disclosed in a statement filed with the Nigerian Exchange Limited on Wednesday, notes that the deal is subject to regulatory approval.
CHI Limited, a leading player in Nigeria’s food and beverage space, owns popular brands Chivita and Hollandia. Its portfolio spans across juices, nectars, still drinks, value-added dairy products, and snacks.
Commenting on the transaction, UAC Group Managing Director, Fola Aiyesimoju, expressed excitement over the acquisition:
“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.”
He also thanked the CHI Limited team and expressed optimism about supporting the company’s next growth phase.
Managing Director of CHI Limited, Eelco Weber, highlighted the company’s recent strides:
“We’ve made significant progress over the years, with our Chivita and Hollandia brands emerging as clear market leaders. With the support of over 5,000 dedicated employees, we’ve earned recognition as a Gold-rated Great Place to Work.”
Weber added that the team is confident about future growth under UAC’s leadership:
“With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further expansion.”
On the transaction, Fasken Martineau LLP and Templars acted as legal advisors to UAC, while Citi served as exclusive financial advisor to The Coca-Cola Company. McDermott Will & Emery acted as Coca-Cola’s legal advisor.
The acquisition is a strategic milestone in UAC’s broader growth agenda, reinforcing its footprint in Nigeria’s dynamic FMCG space.
UAC noted that the move aligns with Coca-Cola’s strategy to streamline operations under a flexible, asset-light model, focusing on scalable brands. The Coca-Cola Company reaffirmed its long-term commitment to Africa, adding:
“We recently announced a $1 billion investment in Nigeria over five years, contingent on a predictable and enabling environment.”
This deal underscores the evolving dynamics of Nigeria’s FMCG landscape and signals increased investor confidence in the region’s consumer market.
