Household brand, Coca-Cola, has acquired juice beverage making company, Chi Nigeria limited.
Recall Coca-Cola had earlier owned 40% of Chi Nigeria limited in January 29, 2016.
The acquisition of the remaining 60% stake, which went for an undisclosed amount has been completed.
Speaking at a press conference held in Lagos on Thursday, January 31, 2019, the President of Coca-Cola West Africa, Mr. Peter Njonjo explained that the decision to acquire Chi Nigeria Limited is in line with the desire to evolve into a total beverage company as the diverse ranges of beverage products in Chi’s portfolios perfectly complement and fit that of the company, thus enabling it to expand into new categories and grow the business in Africa.
Njonjo expressed that the move showed the belief in the rise of African businesses with Nigeria as the focal point.
“There is huge opportunity for growth in Africa. For you to grow, you need to have products that are suitable to this market. For brand like Chi, it makes a lot of sense to take such decision because of how the brands resonate with consumers in the African market”.
In his remarks, Managing Director, Chi Nigeria Limited, Deepam Roy who has been steering the ship of the company in the last six years said it was wonderful opportunity to have been part and parcel of the deal which would see the business grow to become a world class brand.