Coca-Cola Company has finally acquired Chi Ltd. It can be recalled that Coca-Cola first announced a minority investment in Chi sometime in 2016 and, as planned, has now acquired full ownership of the company.
Chi founded in Lagos, Nigeria, in 1980 is recognized in West Africa as an innovative, fast-growing leader in expanding beverage categories, including juices, value-added dairy, and iced tea, among others.
In 2016 Coca-Cola acquired a 40 percent stake in Chi Ltd from Tropical General Investments Group, the holding company for Chi Ltd. This acquisition further signals Coca-Cola’s optimism about Africa’s consumer opportunity and a commitment to its long-term investment and growth plan on the continent.
Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements its existing portfolio, enabling the company to accelerate expansion into new categories and grow business in Africa.
According to Peter Njonjo, president of the West Africa business unit of Coca-Cola, the Company 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 the continent.