Coca-Cola Company has announced that it has completed the acquisition of Nigeria-based Chi Ltd, one of the most innovative and fast-growing companies in the expanding beverage sector in West Africa region.

 

The food and beverages (F&B) giant had first announced a minority investment in Chi three years ago and, as planned, has now acquired full ownership of the company.

 

Coca-Cola had in 2016 reached an agreement with Tropical General Investments Group, the holding company for Chi Ltd. for acquiring a 40 per cent stake in the company.

 

Chi is recognized in West Africa as a 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. 

 

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, where it has been present for more than 90 years.

 

On the takeover, Peter Njonjo, the president of the West Africa business unit of Coca-Cola, said: 

"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."

 

"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," he added.-TradeArabia News Service