The Coca-Cola Company has announced a major divestment move with its decision to sell Chivita|Hollandia (CHI Limited)—one of Nigeria’s top producers of juice and dairy beverages—to UAC of Nigeria PLC.
This strategic move aligns with Coca-Cola’s plan to streamline operations and embrace a more flexible, asset-light business model. The proposed sale, which is pending regulatory clearance, comes as Coca-Cola renews its pledge to invest $1 billion in Nigeria over five years, contingent upon a stable economic environment.
CHI Limited, which houses the Chivita and Hollandia brands, commands a significant share of Nigeria’s dairy and juice market. Hollandia leads in categories like evaporated milk and yoghurt, while Chivita remains a top choice for fruit juice consumers.
Fola Aiyesimoju, Group Managing Director of UAC, described the deal as a strategic growth opportunity: “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 CHI Limited, also commended the workforce for helping the company attain market leadership: “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 Gold-rated Great Place to Work,” he said.
He expressed optimism about the company’s future under UAC’s ownership: “We see a bright future for Chivita|Hollandia (CHI Limited). With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”
Citi served as Coca-Cola’s exclusive financial advisor on the deal, while McDermott Will & Emery acted as legal counsel. Legal support for UAC was provided by Fasken Martineau LLP and Templars Law.
