The Coca-Cola Company Completes Nigerian Acquisition
The Coca-Cola Company has completed the conversion of its minority investment to full ownership of Nigeria-based Chi, Africa’s leading producer of juice and value-added dairy beverages. Founded in Lagos in 1980, Chi produces juice under the Chivita brand and value-added dairy under the Hollandia brand, among many other products. Coca-Cola acquired a 40% stake in Chi in 2016 from Tropical General Investments Group. Juices and value-added dairy categories rank among the fastest-growing beverage segments in Nigeria and Africa.
The acquisition of full ownership indicates Coca-Cola’s optimism about Africa’s consumer opportunity and a commitment to its long-term investment and growth plan on the continent, where it has been present for more than 90 years.
“Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa,” says Peter Njonjo, president of the West Africa business unit of Coca-Cola. “We will support the Chi management team in building on the company’s remarkable heritage and achievements, while using the scale of the Coca-Cola system to replicate their success in more markets across Africa.”
