UAC Nigeria Enters Agreement to Acquire Chivita|Hollandia from Coca-Cola Company
UAC of Nigeria PLC (UAC), has announced that it has agreed to acquire Chivita|Hollandia (CHI Limited) from Coca-Cola Company.
Group Finance Director, UAC of Nigeria, Funke Ijaiya-Oladipo, in a statement posted on the Nigerian Exchange Limited (NGX), stated that Chivita|Hollandia remains a leading food and beverage player in Nigeria, with a portfolio across value-added dairy products, juices, nectars, still drinks, and snacks.
According to her, the Hollandia brand is the market leader in evaporated milk and drinking yoghurt, while the Chivita brand is the market leader in fruit juice.
Ijaiya-Oladipo explained that the transaction, which is subject to regulatory approval, marks a strategic milestone in UAC’s growth agenda, expanding its presence in Nigeria’s fast-moving consumer goods sector.
She declared that the move supports 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,” the statement added.
The Group Managing Director, UAC of Nigeria, Fola Aiyesimoju, in a statement, 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 CHI Limited’s legacy of excellence and innovation. I would like to thank the management and staff of CHI Limited and look forward to working with the team to support the next phase of growth.”
Also, the Managing Director of CHI Limited, Eelco Weber, in a statement said 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 said.
The management team, including Weber, was confident in the company’s growth prospects. “We see a bright future for Chivita|Hollandia (CHI Limited),” Weber said.
“With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth.”
Fasken Martineau LLP and Templars served as legal advisors to UAC. Citi served as exclusive financial advisor to The Coca-Cola Company, with McDermott Will & Emery acting as legal advisor.
Amid the announcement, the stock price of UAC of Nigeria on the Exchange appreciated by 9.94 per cent or N6.60 per share to close at N73.00per share from N66.40 per share.
UAC of Nigeria in unaudited half-year (H1) ended June 30, 2025, declared profit before tax of N7.36billion, a 22.9 per cent decline from N9.54 billion reported in half half-year (H1) ended June 30, 2024.
Its revenue closed H1 2025 at N110.41billion, representing an increase of 32.6 per cent from N83.25billion reported in H1 2024.
UAC is a holding company with subsidiary and associate companies operating in the Edibles and Feed, Paints, Packaged Food and Beverages, Quick Service Restaurants, Logistics, and Real Estate segments.
The company also played a prominent role in Nigeria’s development for over a century. The company is focused on building its businesses into leaders in their chosen segments.