The global beverage company, Coca-Cola has completed the acquisition of Chi Limited, Coca-Cola announced on Wednesday, saying it now has acquired full ownership of the company, “as planned.”
This in effect means that Coca-Cola extended its minority investment in the company to full ownership, completing the acquisition that was months in the making.
“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,” Peter Njonjo, president of the West Africa business unit of Coca-Cola, said via a written statement obtained by Per Second News.
It will be recalled that Coca-Cola first announced a minority investment in Chi three years ago, acquiring a 40 percent stake in Chi in 2016 from Tropical General Investments Group, the holding company for Chi Ltd.
Chi Ltd, founded in Lagos, Nigeria, in 1980, is popularly known for its juices Chivita brand as well as dairy products under Hollandia brand. The acquisition is seen as further advancing Coca-Cola’s market share in Africa, where is has been operating for more than nine decades.
“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,” Njonjo said.