Champion Breweries Plc said on Monday that its acquisition of the Bullet brand portfolio represents a strategic pivot that will transform the company into a multi-category, pan-African beverage player, as its N42 billion public offer of shares remains open to investors.
The Nigerian brewer, majority-owned by enJOYcorp, is seeking to raise N42 billion through a public offer of ordinary shares priced at N16 per share. The offer, which closes on January 21 with a receiving agent deadline of January 28, forms the second leg of Champion’s N58 billion capital-raising programme, following an earlier rights issue.
The Uyo-based manufacturer disclosed in a statement seen by BusinessDay that proceeds from both the rights issue and the public offer will be used to fund the acquisition of Bullet’s brand portfolio and to strengthen working capital to support operations, innovation, and market expansion.
The Bullet transaction, structured as an asset carve-out, transfers ownership of brands, trademarks, product formulations, packaging rights, and commercial intellectual property, as well as distribution agreements covering 14 African markets.
“No manufacturing facility is included in the deal, allowing Champion to plug directly into an established regional route-to-market without the long lead times associated with building distribution organically.”
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It said the portfolio includes Bullet Black, Nigeria’s top-selling ready-to-drink alcoholic beverage, and Bullet Blue, a caffeine-free energy drink. Production will continue through Bullet’s existing European manufacturing partner, with Champion planning to localise production in Nigeria over time.
Champion said the deal gives it exposure to Nigeria’s fast-growing energy drinks segment, which it estimates is expanding at an annual rate of about 14.5 percent through 2030, outpacing the broader African market. Growth is being driven by rising urbanisation, changing consumption patterns, and increasing demand for performance and fitness-oriented beverages.
By adding Bullet’s pan-African footprint and foreign-currency linked revenues, Champion said the acquisition would diversify earnings, expand scale, and improve long-term financial resilience. The move also shifts the company from a single-category brewer to a broader beverage group spanning higher-margin, trend-led ready-to-drink and energy products.
Champion has reported a sharp turnaround in recent years. In its nine-month 2025 results, revenue rose 53% to N21 billion from N14 billion a year earlier, while net income jumped to N2 billion from N21 million. Earnings per share increased to N22.86 from N0.24, reflecting what the company described as execution discipline, economies of scale and tighter cost control.
“The Bullet acquisition is strategically important because it adds proven brands, regional scale, and foreign-currency earnings through an asset-light structure,” Inalegwu Adoga, managing director, said in a statement. “It strengthens Champion’s platform for long-term growth.”
David Butler, group managing director of enJOYcorp, said Bullet brings brands, demand, and distribution that are already established across multiple markets, enabling Champion to scale more efficiently and compete more effectively across Africa.