The Coca-Cola Company has reached an agreement to sell Chivita|Hollandia (CHI Limited) to UAC of Nigeria PLC (UAC), marking a strategic move that will reshape Nigeria’s fast-moving consumer goods (FMCG) sector. The transaction, which is still subject to regulatory approval, reflects Coca-Cola’s strategy to operate a more flexible, asset-light model, focusing on beverage brands with the highest potential for scale.
Chivita|Hollandia is one of Nigeria’s most recognized food and beverage companies, with a rich history dating back to 1980. The company produces juices, nectars, still drinks, snacks, and value-added dairy products, with flagship brands that dominate the market. Hollandia leads in evaporated milk and drinking yoghurt, while Chivita is the top fruit juice brand in the country. Its state-of-the-art ISO 22000-certified manufacturing facilities and commitment to innovation have earned it industry recognition, including a Gold-rated Great Place to Work award in 2024.
The acquisition also represents a significant milestone for UAC of Nigeria, a leading holding company focused on the domestic manufacturing, marketing, and distribution of consumer brands. UAC currently operates nine manufacturing facilities and multiple logistics hubs across Nigeria, employing around 5,000 people. With this deal, UAC aims to expand its presence in the FMCG sector and leverage its robust distribution network to accelerate the growth of Chivita and Hollandia.
Fola Aiyesimoju, Group Managing Director of UAC, expressed confidence in the acquisition:
“As a company with a strong presence in Africa, we are deeply committed to the continent’s growth. This acquisition presents significant potential to build on Chivita|Hollandia’s legacy of excellence and innovation. We look forward to working with the team to support the next phase of expansion.”
Eelco Weber, Managing Director of Chivita|Hollandia, credited the company’s success to its workforce of over 5,000 employees:
“The Chivita and Hollandia brands have become clear leaders in their categories. With UAC’s support, we see a bright future and exciting opportunities for further growth.”
For Coca-Cola, this sale represents a pivot toward a scalable and high-performing portfolio while maintaining a long-term commitment to Nigeria. The company recently reaffirmed plans to invest $1 billion in Nigeria over five years, emphasizing the importance of Africa as a key growth market.
Advising on the transaction were Citi as exclusive financial advisor to Coca-Cola, with McDermott Will & Emery providing legal counsel. Fasken Martineau LLP and Templars Law advised UAC.
With this acquisition, UAC strengthens its position as a major player in Nigeria’s FMCG landscape, while Chivita and Hollandia gain new momentum to expand their market leadership. The deal also reflects the growing importance of Nigeria’s consumer market and its role in driving Africa’s next wave of economic growth.
