UAC of Nigeria completes acquisition of Chivita|Hollandia following regulatory approval
The acquisition marks a major milestone for UAC of Nigeria as it expands its footprint in the food and beverage industry.
NIGERIA – UAC of Nigeria PLC has finalized the acquisition of Chivita|Hollandia (CHI Limited) after receiving approval from the Federal Competition and Consumer Protection Commission (FCCPC).
Chivita|Hollandia is one of Nigeria’s leading food and beverage producers, known for its juice and dairy brands. The completion of the transaction, first announced on July 30, transfers full ownership of CHI Limited to UAC. Both companies have expressed optimism about the transition and future growth prospects.
Managing Director of Chivita|Hollandia, Eelco Weber, confirmed the FCCPC’s approval, stating that the company looks forward to a smooth transition under its new parent company. “We are pleased to have received regulatory approval for this transaction. We look forward to seeing Chivita|Hollandia thrive under UAC’s ownership,” Weber said.
UAC of Nigeria is a diversified holding company engaged in the manufacturing, marketing, and distribution of leading consumer brands across Africa. The company operates nine manufacturing facilities and several logistics and distribution hubs across the country, employing about 5,000 people.
Fola Aiyesimoju, Group Managing Director of UAC, welcomed the acquisition, noting that it strengthens UAC’s portfolio in the fast-moving consumer goods (FMCG) sector. “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we look forward to building on their strong market leadership,” he said.
The acquisition also underscores the growing importance of Africa as a long-term growth opportunity within the Coca-Cola system. It presents a chance to expand on Chivita|Hollandia’s legacy of quality and innovation in Nigeria’s beverage industry.
In its half-year results to June, UAC recorded a 32.6 per cent increase in revenue to N110.4 billion, compared to the previous year.
However, net profit declined by 22.9 per cent from N9.5 billion (US$6.45M) to N7.4 billion (US$5.03M), while return on equity stood at 10.1 per cent, down from 14.4 per cent at the end of last year.
Coca-Cola initially acquired a 40 per cent stake in CHI in 2016 and completed full ownership in 2019 before the sale to UAC.
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