The Coca-Cola company has formally announced the total acquisition of Chi Limited in a private equity deal.
This was as the company informed that it has completed the acquisition of 60 percent stake in Chi-Limited after acquiring 40 percent stake in January 29,2016.
Speaking at a press briefing to announce the deal on Thursday, President, Coca-Cola West Africa Business Unit, Peter Njonjo noted that the move was borne out of the need to improve customers’ experience with the brand in addition to the company’s committment to becoming a total beverage company.
Explaining further that the deal was motivated by trends among consumers, he said, “ The company continues 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, satisfy consumers preferences and grow our business in Africa.
Njonjo restated that Chi Limited would continue to exist as an independent company whose products will be distributed globally .
“We will not collapse the Chi brand.Rather we will continue to grow both brands and employees so as to boost our customer base and market share.
“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.”
This acquisition further signals the Coca-Cola’s optimism about Africa’s consumer opportunity and a commitment to its long-term investment and growth plan on the continent, where it has existed for more than 90 years.