The Cola-Cola Company has completed the acquisition of Chi Ltd.
In a statement on Wednesday, Coca-Cola announced that it has extended its minority investment in the company to full ownership. In 2016, the company acquired a 40per cent minority stake in Chi and expressed interest in increasing ownership within three years.
“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,” said Peter Njonjo, president of the West Africa business unit of Coca-Cola.
“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.”
Chi Limited was founded in Lagos in 1980. It produces juices under the Chivita brand, Caprisonne and value-added dairy products under the Hollandia brand. In a September 2018 interview, Njonjo said the company’s drive to diversify its product range would give it some flexibility. “We realise that in certain pack formats you can only go down so low. But once you start looking at pouches and still products like juices and drinking yoghurts, that allows you to start accessing much lower price points,” he said.