The Coca-Cola Company and TGI Group Announce Strategic Investment in Nigeria’s Chi Limited

Coca-Cola acquires initial minority shareholding in Nigeria’s leading
value-added dairy, juices and snacks business to expand its African
stills beverage portfolio

LAGOS, Nigeria–(BUSINESS WIRE)–The Coca-Cola Company (NYSE: KO) and Tropical General Investments Group
(TGI Group) – the holding company of Chi Ltd, Nigeria’s leading dairy
and juice company – today announced a binding agreement for The
Coca-Cola Company to acquire an initial minority equity shareholding in
Chi Ltd. The agreement creates a strategic relationship between two
beverage industry leaders within Africa’s largest economy that together
serve Nigeria’s most popular sparkling soft drinks, juices, value-added
dairy and water beverage brands.

Within the agreement, The Coca-Cola Company has made an initial 40
percent equity investment in Chi Ltd and intends to increase ownership
to 100 percent within three years, subject to regulatory approvals,
while working on other long-term commercial structures. Additionally,
the parties have agreed to jointly discuss and explore other
opportunities in the region to further develop this relationship.

The investment in Nigeria’s leading value-added dairy and juice beverage
brands – which include Hollandia and Chivita – further expands The
Coca-Cola Company’s West African portfolio of still beverages while
establishing Coca-Cola’s presence in Africa’s high-growth value-added
dairy category. The agreement will allow both companies to leverage
their respective investments and expertise to further drive innovation,
optimize efficiency and strengthen route-to-market to accelerate growth
and increase consumer availability and choice.

TGI Group’s relationship with The Coca-Cola Company will also help Chi
Ltd achieve its ambitious growth plans through access to Coca-Cola’s
broad product portfolio and integration into global best practices in
production, distribution and brand-building.

“For more than 30 years Chi’s leadership has built a greatly admired
business that has quickly grown to become Nigeria’s leading producer and
distributor of value-added dairy and juice products and we are delighted
to enter the next phase of our growth journey together,” said Nathan
Kalumbu, President, Coca-Cola Eurasia and Africa. “Coca-Cola and Chi
share the same commitment to Africa, to investing in our operations and
to continuous innovation, and our relationship will allow us to continue
to provide Nigerian consumers the No. 1 beverage in each of the
categories we serve.”

“We strongly believe in this journey we are starting with The Coca-Cola
Company. The relationship will allow us to expand our regional footprint
and product portfolio. We stay firmly committed to growing our
investments in the Nigerian economy, increasing employment and local
content while supporting the communities we operate in. Chi will
continue to provide its consumers with innovative products in the dairy,
juices and snacks categories,” said Cornelis Vink, Chairman of TGI Group
and Chi Ltd.

“We are immensely proud of the success that Chi has achieved in building
the much-loved Hollandia and Chivita brands. We recognize the unique
opportunity that the relationship with The Coca-Cola Company brings to
further develop Chi as a strong regional company, building on the
tremendous progress achieved to date,” said Rahul Savara, Group Managing
Director of TGI Group.

“Coca-Cola has been investing in Nigeria for more than 60 years and
today’s announcement represents the latest significant step in our
commitment to growing our business and providing trusted beverage brands
for Nigerian consumers and communities,” said Kelvin Balogun, President
of Coca-Cola Central, East and West Africa. “We are extremely optimistic
about Africa’s continued economic and social growth and recognize the
importance of ensuring we stay one step ahead of evolving consumer
tastes by broadening our portfolio and introducing new products. Today’s
announcement positions both Coca-Cola and Chi well for future growth in
what is an exciting time in the beverage industry in Africa.”

In 2014, the Coca-Cola system announced an increased investment in
Africa to a total of $17 billion from 2010 to 2020. This investment,
which is roughly three times the amount invested in the last decade, is
funding new manufacturing lines, distribution capabilities and cold
drink equipment while creating additional jobs and opportunities on the

Coca-Cola was first served in Johannesburg in 1928 and the Company’s
products are now present in every country in Africa with its system
employing more than 70,000 people in 145 bottling and canning facilities.

About The Coca-Cola Company

The Coca-Cola Company (NYSE: KO) is the world’s largest beverage
company, refreshing consumers with more than 500 sparkling and still
brands. Led by Coca-Cola, the world’s most valuable brand, our Company’s
portfolio features 20 billion-dollar brands including Diet Coke, Fanta,
Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid, Simply,
Georgia and Del Valle. Globally, we are the No. 1 provider of sparkling
beverages, ready-to-drink coffees, and juices and juice drinks. Through
the world’s largest beverage distribution system, consumers in more than
200 countries enjoy our beverages at a rate of more than 1.9 billion
servings a day. With an enduring commitment to building sustainable
communities, our Company is focused on initiatives that reduce our
environmental footprint, support active, healthy living, create a safe,
inclusive work environment for our associates, and enhance the economic
development of the communities where we operate. Together with our
bottling partners, we rank among the world’s top 10 private employers
with more than 700,000 system employees. For more information, please
follow us on Twitter at or visit our blog at

About Tropical General Investments Group (TGI Group)

Tropical General Investments Group (TGI Group) is the majority
shareholder of Chi Ltd. TGI Group invests in emerging economies, adding
value to locally available resources targeting an end product both for
local consumption and the global market. TGI has over three decades of
experience building local and regional sustainable businesses in fast
moving consumer goods (FMCG), agriculture, agro-allied, healthcare,
chemicals, etc. The Group’s global presence in manufacturing, farming
and agro-processing, distribution etc. spans 12 countries, with a staff
of over 9,000. For more information, please visit

About Chi Limited

Incorporated in 1980, Chi Limited is one of the most admired companies
in the domain of Food & Beverages in Nigeria and has market leadership
positions in fruit juices, ice tea, value-added dairy products and
snacks in Nigeria. Chi operates in these categories with several mega
brands including CHIVITA 100%, CHIVITA Active, CHI Exotic, CHI Happy
Hour, CHI Ice Tea, Capri-Sonne, Hollandia, Chi Super Bite, Beefie. Chi
Limited has successfully built its business through innovative product
introductions, a significant product portfolio, robust route to market
structure and a state of the art manufacturing facility.

The company has something to offer to almost everyone. Chi’s products
help to cater to the diverse needs & palates of every segment of this
dynamic population, thus making Chi’s brands most admired and providing
a range of choices to each socio-economic and demographic consumer

For more information please visit,
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The Coca-Cola Company
Dan Baxter, +971 565 017 110
Ugorji, +234 803 978 0391

Dr. Johannes Flosbach, +234 903 885 6831