• Champion Breweries plans to raise 57.9 billion nairas ($40.7 million) to acquire the Bullet ready-to-drink and energy drink brand from Sun Mark International.

• The company launched a 42 billion naira public offer on the Nigerian Exchange after raising 15.9 billion nairas from existing shareholders.

• The acquisition aims to expand Champion Breweries’ footprint in Nigeria and across more than 14 African markets.

Champion Breweries Plc seeks to raise 57.9 billion nairas ($40.7 million) to finance the acquisition of all brand assets and intellectual property rights of “Bullet,” a ready-to-drink alcoholic and energy beverage brand owned by UK-based Sun Mark International Limited. The brewer disclosed the plan in a statement published on its website on January 8.

The parties concluded the brand sale agreement in August 2025 for an undisclosed amount. However, the transaction remains subject to regulatory approval. The deal stipulates that a newly created Netherlands-based entity will hold the Bullet brand, with Champion Breweries owning a majority stake and Vinar N.V., Sun Mark’s main shareholder, retaining the remainder.

To fund the transaction, Champion Breweries launched a public offer on January 8 to raise 42 billion nairas ($29.5 million) at 16 nairas per share on the Nigerian Exchange in Lagos. The company stated that the offer remains open to institutional and retail investors until January 21 through Access Bank.

Before the public offer, the brewer raised 15.9 billion nairas ($11.2 million) by granting existing shareholders the right to subscribe to new shares. Consequently, the combined proceeds form the company’s full acquisition financing package.

According to company executives, the funds will finance the transfer of ownership of Bullet’s brands, patents, recipes, and commercial rights. In addition, the capital will support working capital needs and growth initiatives, including distribution, marketing, innovation, and capacity expansion.

Champion Breweries views the Bullet acquisition as a strategic lever to strengthen its presence in Nigeria and expand across Africa. Bullet already operates in Nigeria through its flagship product, Bullet Black, and distributes products in more than 14 African countries, including Cameroon, Ghana, Côte d’Ivoire, the Democratic Republic of Congo, and Tanzania.

“With the acquisition of Bullet, we combine nearly 50 years of brewing expertise with a proven pan-African platform for ready-to-drink and energy beverages,” said Inalegwu Adoga, Chief Executive Officer of Champion Breweries Plc.

The success of the financing plan will determine whether Champion Breweries can complete the acquisition. In 2024, the company reported a 64% increase in revenue to 20.89 billion nairas ($14.7 million). Meanwhile, net profit more than tripled to 817 million nairas ($575,000), underscoring improved operating performance ahead of the planned expansion.

This article was initially published in French by Stéphanas Assocle 

Adapted in English by Ange Jason Quenum