UAC of Nigeria PLC has signed an agreement to acquire CHI Limited, the producer of Chivita and Hollandia brands, from The Coca-Cola Company.
According to a statement filed with the Nigerian Exchange Limited on Wednesday, the deal is still awaiting regulatory approval.
CHI Limited is a major player in Nigeria’s food and beverage sector, known for its range of value-added dairy products, juices, nectars, still drinks, and snacks.
Commenting, the Group Managing Director of UAC, Fola Aiyesimoju, 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.”
Also commenting, the
Managing Director of Chivita|Hollandia, Eelco Weber, stated that the company has made significant strides in recent years, with the Chivita and Hollandia brands emerging as clear leaders in their respective 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 Gold- rated Great Place to Work,” Weber stated.
Weber and the management team voiced strong confidence in the company’s future growth potential.
“We see a bright future for Chivita|Hollandia,” 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 acted as legal advisors to UAC on the transaction, while Citi served as the exclusive financial advisor to The Coca-Cola Company, supported by McDermott Will & Emery as legal counsel.
UAC described the acquisition as a strategic milestone in its growth strategy, enhancing its footprint in Nigeria’s fast-moving consumer goods industry.
