Champion Breweries Plc has said it is raising N42bn through a public offer of ordinary shares to fund the acquisition of the Bullet brand portfolio and strengthen its growth strategy, according to a statement made available to our correspondent on Sunday.
The company said the public offer, priced at N16 per share, forms the second leg of its N58bn capital-raising programme and complements its earlier rights issue. The offer, which remains open until 21 January 2026, is expected to support the acquisition of Bullet brands and boost working capital for operations, innovation and market expansion.
Champion explained that the Bullet transaction represents a significant shift in its business model, expanding the company beyond traditional brewing into high-growth ready-to-drink and energy beverages. The acquisition was structured as an asset carve-out, covering Bullet’s brands, trademarks, product formulas, packaging rights, commercial intellectual property and distribution agreements across 14 African markets, without the purchase of a manufacturing facility.
According to the company, the structure provides immediate access to an established pan-African distribution network that would otherwise take several years to build organically. Production of Bullet products will continue through an existing European manufacturing partner, with plans for phased localisation in Nigeria over time.
The Bullet portfolio includes Bullet Black, described as Nigeria’s leading ready-to-drink alcoholic beverage, and Bullet Blue, a caffeine-free energy drink.
Champion noted that the Nigerian energy drink segment remains one of the fastest-growing within Africa’s FMCG space, with projected annual growth of about 14.53 per cent through 2030, driven by rising urbanisation and changing consumer lifestyles.
Commenting on the transaction, the Managing Director of Champion Breweries Plc, Dr Inalegwu Adoga, said the acquisition would strengthen the company’s long-term growth platform.
“The Bullet acquisition is strategically important because it adds proven brands, regional scale and foreign-currency earnings through an asset-light structure. It strengthens Champion’s platform for long-term growth,” Adoga said.
Also speaking, the Group Managing Director of enJOYcorp, David Butler, said the deal would allow Champion to scale more efficiently across Africa.
“Bullet brings together brands, demand and distribution that are already established across multiple markets. This allows Champion to scale efficiently and compete more effectively across Africa,” he said.
Champion highlighted its improving financial performance, noting that revenue rose sharply in recent years, alongside strong growth in earnings, reflecting improved operational discipline and economies of scale. The company added that the Bullet acquisition would further diversify its revenue base and enhance earnings resilience through foreign exchange-linked income.
The company advised prospective investors to review the offer prospectus and consult professional advisers before making investment decisions. Champion Breweries Plc is a publicly listed Nigerian beverage company with a portfolio that includes Champion Lager and Champ Malta and operates under the enJOYcorp Group.
