Coca-Cola completes acquisition of Nigerian juice company Chi
The deal has been three-years in the making.
The Coca-Cola Company, the Atlanta-headquartered beverage company, announced on Wednesday that it has completed its acquisition of Chi, a beverage company based in Nigeria.
Coca-Cola first announced a minority investment in Chi three years ago and but has now acquired full ownership of the company.
Coca-Cola acquired a 40 percent stake in Chi in 2016 from Tropical General Investments Group, the holding company for Chi for an undisclosed amount.
Chi is recognised in West Africa as a fast-growing leader in expanding beverage categories, including juices, value-added dairy and iced tea.
The company, founded in Lagos, Nigeria, in 1980, produces juice under the Chivita brand and value-added dairy under the Hollandia brand, among many other products.
Coca-Cola said juices and value-added dairy categories rank among the fastest-growing beverage segments in Nigeria and Africa. This acquisition further signals Coca-Cola’s optimism about Africa’s consumer opportunity and a commitment to its long-term investment and growth plan on the continent, the company added.
“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,” said Peter Njonjo, president of the West Africa business unit of Coca-Cola, in a statement.
“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.”