As part of its diversification away from high-sugar drinks and into emerging markets, Coca-Cola has completed its acquisition of Nigerian juice company, Chi Ltd, makers of Chivita.
The acquisition pricess started in 2016 when Coca-Cola acquired 40 percent of CHI, saying the intention was to eventually fully take over the Lagos-based company.
In its announcement on Wednesday, Coca-Cola did not state the value of the new investment but according to the Financial Times, the 40 percent stake in 2016 cost about $240 million.
Chi, founded in Lagos, in 1980, produces juice under the Chivita brand and value-added dairy under the Hollandia brand, among many other products. Coca-Cola acquired a 40 percent stake in Chi in 2016 from Tropical General Investments Group, the holding company for Chi Ltd.
“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.”