Coca-Cola Completes Sale Of Chivita, Hollandia To UAC

UAC of Nigeria PLC has reached an agreement to acquire Chivita|Hollandia (CHI Limited) from The Coca-Cola Company, the company announced in a statement filed with the Nigerian Exchange Limited on Wednesday. The transaction remains subject to regulatory approval.

Chivita|Hollandia is a prominent food and beverage company in Nigeria, known for its portfolio of value-added dairy products, juices, nectars, still drinks, and snacks. It owns the well-established Hollandia and Chivita brands.

Commenting on the acquisition, UAC Group Managing Director 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 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.”

Chivita|Hollandia Managing Director Eelco Weber highlighted the company’s progress over recent years, saying, “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 Gold-rated Great Place to Work.”

Weber and the management team expressed optimism about the future, adding, “We see a bright future for Chivita|Hollandia. With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for growth.”

Legal advisors on the deal included Fasken Martineau LLP and Templars representing UAC, while Citi served as the exclusive financial advisor to The Coca-Cola Company, with McDermott Will & Emery as legal counsel.

UAC described the acquisition as a strategic milestone in its growth agenda, enhancing its footprint in Nigeria’s fast-moving consumer goods sector.

The statement further noted, “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. 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.”