Coca-Cola acquired a 40% stake in Chi from Tropical General Investments Group in 2016, and has now acquired full ownership of the company as planned.
Chi was founded in Lagos, Nigeria, in 1980. It produces the Chivita brand of premium 100% fruit juices, value-added dairy under the Hollandia brand, and other products in the beverage, dairy and snack categories.
Juices and value-added dairy are among the fastest growing beverage segments in Nigeria and across Africa.
Coca-Cola says the acquisition signals its ‘optimism about Africa’s consumer opportunity’ and its commitment to long-term investment and growth on the continent.
Peter Njonjo, president of Coca-Cola’s West Africa business unit, 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.”