UAC of Nigeria PLC (UAC) has announced a definitive agreement to acquire Chivita|Hollandia (CHI Limited) from The Coca-Cola Company in a landmark deal that positions UAC as a dominant force in Nigeria’s fast-moving consumer goods (FMCG) sector.
The acquisition, subject to regulatory approvals, represents a strategic milestone in UAC’s growth agenda, expanding its portfolio into high-demand dairy, juice, and beverage categories.
CHI Limited, which owns the Hollandia and Chivita brands, is a leading player in Nigeria’s food and beverage industry. Hollandia is the market leader in evaporated milk and drinking yoghurt, while Chivita dominates the fruit juice segment, cementing its position as a household name across Nigeria.
Strategic Move for UAC
Commenting on the transaction, Fola Aiyesimoju, Group Managing Director of UAC, said the acquisition demonstrates the company’s commitment to strengthening its leadership in the FMCG space.
“We are pleased to announce the acquisition of Chivita|Hollandia, a leading dairy and juice business in Nigeria. This deal presents significant potential to build on Chivita|Hollandia’s legacy of excellence and innovation. With this acquisition, we are deepening our presence in Nigeria’s consumer goods market and positioning UAC for long-term sustainable growth,” Aiyesimoju said.
The Coca-Cola Company stated that the transaction aligns with its global strategy to operate a flexible, asset-light model and focus on high-scale brands. The company reiterated its commitment to Nigeria, highlighting a previously announced $1 billion investment plan over five years, dependent on stable macroeconomic and regulatory conditions.
Industry Leaders React
Eelco Weber, Managing Director of Chivita|Hollandia, praised the progress the company has achieved in recent years and expressed optimism about the new partnership with UAC.
“Chivita and Hollandia have become clear leaders in their categories, thanks to the dedication of our over 5,000 employees. With UAC’s backing, we are confident that the company is poised for an even brighter future, with exciting opportunities for further growth,” Weber said.
The transaction is also expected to provide new synergies, leveraging UAC’s operational scale and CHI Limited’s strong distribution and brand equity.
Transaction Advisory
Fasken Martineau LLP and Templars served as legal advisors to UAC, while Citi acted as the exclusive financial advisor to The Coca-Cola Company. McDermott Will & Emery also provided legal counsel on the deal.
