UAC of Nigeria PLC Corporate Office @ Lagos Island, Lagos.
In a deal that has sent ripples through Nigeria’s fast-moving consumer goods (FMCG) sector, UAC of Nigeria PLC has made a dramatic return to the forefront of the industry by acquiring Chivita|Hollandia (CHI Limited) from The Coca-Cola Company. According to the report, the move marks a significant shift in the ownership of one of Nigeria’s most recognisable food and beverage companies—and underscores a growing trend of local players reclaiming influence in strategic sectors.
Announced today, the acquisition is subject to regulatory approval and represents a key moment in UAC’s revival story. CHI Limited—home to the beloved Chivita and Hollandia brands—has built an impressive reputation as a market leader in fruit juice and value-added dairy, with products such as evaporated milk and drinking yoghurt enjoying deep consumer loyalty.
The transaction also reflects The Coca-Cola Company’s global strategy to streamline operations by adopting a flexible, asset-light approach and focusing on scalable brands. Despite this divestment, Coca-Cola recently reaffirmed its commitment to Nigeria, pledging a $1 billion investment over five years—contingent on the country maintaining a stable and business-friendly environment.
A Resilient Giant Returns
For many, the acquisition evokes a sense of déjà vu. UAC, one of Nigeria’s oldest conglomerates, was once a dominant force in consumer goods. Its recent years, however, have been marked by restructuring, divestments, and strategic recalibrations. This acquisition signals a resurgence and a renewed commitment to deepening its footprint in local manufacturing and distribution.
Speaking on the acquisition, Fola Aiyesimoju, Group Managing Director of UAC, expressed enthusiasm for the company’s return to the frontline of Nigeria’s FMCG sector.
“We are proud to welcome Chivita|Hollandia into the UAC family. This acquisition reflects our belief in the strength of Nigerian brands and consumers. It’s an opportunity to build on a legacy of excellence and drive innovation that resonates deeply with local tastes,” Aiyesimoju said.
Coca-Cola Exits, But Leaves a Strong Legacy
Since its full acquisition of CHI Limited in 2019, Coca-Cola has guided the company to new heights. Under its stewardship, CHI Limited earned industry-wide recognition, including a Gold rating as a “Great Place to Work” in 2024.
Eelco Weber, Managing Director of CHI Limited, noted the business has grown significantly in recent years.
“We’ve built brands that Nigerians trust. I’m immensely proud of our team’s efforts—over 5,000 people who have powered this business forward. With UAC now at the helm, I see exciting new opportunities for growth and category expansion,” he said.
Weber is expected to remain in leadership, alongside his current management team, ensuring a seamless transition and preserving institutional knowledge.
Expert Views: A Turning Point for Indigenous Investment
Industry experts see the deal as a landmark moment for local enterprise in Nigeria. Dr. Tayo Alabi, a Lagos-based economist and industry analyst, described it as “a bold step toward economic self-determination.”
“UAC’s acquisition of CHI is not just a business transaction—it’s symbolic. It shows that local players are regaining confidence and capacity to manage and grow legacy brands. This is how economic development takes root—from the inside out,” Dr. Alabi explained.
Brand strategist Ngozi Chukwuma, also weighed in, highlighting the reputational power of the acquired brands:
“Chivita and Hollandia are not just products—they are cultural assets. This move puts UAC back in the hearts of Nigerian households and helps the company reconnect with generations of consumers.”
Historical Roots, Future Ambitions
CHI Limited was founded in 1980 as a homegrown producer of high-quality food and beverage products. Over four decades later, it has become a pillar of the Nigerian consumer market, with ISO 22000-certified facilities and award-winning workplace culture.
UAC, meanwhile, is looking to tap into this robust foundation. With nine manufacturing plants, nationwide logistics hubs, and 5,000 employees, UAC is primed to scale production and distribution further—leveraging its existing ecosystem to accelerate CHI Limited’s reach.
Legal and financial advisors played key roles in the transaction. Citi acted as exclusive financial advisor to Coca-Cola, while McDermott Will & Emery provided legal counsel. UAC was advised by Templars Law and Fasken Martineau LLP.
Looking Ahead: Indigenous Control, Global Aspirations
As Nigeria’s economy continues to weather global shocks and local challenges, the UAC-CHI transaction offers a hopeful narrative—one of resilience, rebirth, and homegrown confidence.
“The success of this acquisition will be closely watched. It could signal the beginning of a new chapter where Nigerian businesses step up—not just to compete—but to lead,” said Chukwuma.
With trusted brands, robust infrastructure, and a rekindled vision, UAC’s acquisition of Chivita|Hollandia isn’t just about reclaiming market share. It’s about rewriting the story of local ownership and long-term economic transformation.
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