UAC Agrees to Buy Chivita, Hollandia Maker CHI From Coca-Cola

UAC of Nigeria Plc (UAC) has entered into an agreement to acquire Chivita|Hollandia (CHI Limited), the maker of Chivita and Hollandia, from The Coca-Cola Company.

Chivita|Hollandia (CHI Limited) is a food and beverage player in Nigeria, with a portfolio across value-added dairy products, juices, nectars, still drinks, and snacks, and better known for its evaporated milk and drinking yoghurt Holandia and fruit juice Chivita.

This transaction, which is subject to regulatory approval, marks a strategic milestone in UAC’s growth agenda, expanding its presence in Nigeria’s fast-moving consumer goods sector. It supports The Coca-Cola Company’s strategy to operate a flexible and asset-light model and focus on brands that have the greatest potential to scale, according to a statement on Wednesday.

The Coca-Cola system recently announced it will invest $1 billion in Nigeria over five years and remains committed to these investments, provided a predictable and enabling environment is in place. This investment underscores the importance of Africa as a long-term growth opportunity for the Coca-Cola system.

Fola Aiyesimoju, Group Managing Director of UAC, said: “As a company with a strong presence in Africa, we are deeply committed to the continent’s growth. We are pleased to announce the acquisition of Chivita|Hollandia (CHI Limited), a leading dairy and juice business in the region. 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.”

Eelco Weber, Managing Director of Chivita|Hollandia (CHI Limited), said the business has made significant progress over the past few years, with the Chivita and Hollandia brands becoming clear leaders in their categories. “I would like to thank our over 5,000 employees for their hard work and dedication in bringing our business forward and earning us recognition as a Goldrated Great Place to Work,” Weber said. The management team, including Weber, are confident in the company’s growth prospects.

“We see a bright future for Chivita|Hollandia (CHI Limited),” Weber said. “With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”

Fasken Martineau LLP and Templars served as legal advisors to UAC. Citi served as exclusive financial advisor to The Coca-Cola Company, with McDermott Will & Emery acting as legal advisor