The Bullet Move: Champion Breweries Completes ₦57.9 Billion Capital Raise

In a major strategic pivot, Champion Breweries Plc has successfully concluded its two-phase capital-raising program, securing a total of ₦57.9 billion ($42.3 million) in February 2026. The funds are earmarked for a transformative acquisition that positions the Uyo-based company as a pan-African player in the high-growth Ready-to-Drink (RTD) and Energy Drink categories.

The capital raise was structured in two legs:

1. Phase 1 (Rights Issue): Concluded in early January 2026, raising ₦15.9 billion from existing shareholders.

2. Phase 2 (Public Offering): Closed on January 22, 2026, raising an additional ₦42 billion through a public subscription at ₦16.00 per share.

1. The Strategic Target: The Bullet Portfolio

The primary objective of this massive cash injection is the acquisition of the Bullet brand portfolio from UK-based Sun Mark International. This is being executed as an “asset carve-out,” meaning Champion Breweries is acquiring the intellectual property—brands, trademarks, and secret recipes—rather than the physical manufacturing plants.

• Portfolio Power: The acquisition includes Bullet Black (Nigeria’s leading RTD alcoholic beverage) and Bullet Blue (a top-tier caffeine-free energy drink).

• Geographic Reach: Bullet already has an established distribution footprint in 14 African jurisdictions, including Cameroon, Ghana, Côte d’Ivoire, and Tanzania.

• FX Hedge: A significant portion of Bullet’s revenue is generated in foreign currency, providing Champion with a natural hedge against Naira volatility.

2. From Brewery to Beverage Powerhouse

The move signals a departure from the traditional brewing model to a “multi-category” strategy under its parent company, enJOYcorp (led by venture capitalist Ehimare Idiahi).

• Asset-Light Growth: By acquiring only the brand and IP, Champion avoids the heavy upfront costs of building new factories while gaining immediate market share.

• Local Production: While production currently remains with European partners, Champion plans to eventually localize manufacturing at its facilities in Akwa Ibom State to optimize the supply chain.

• Revenue Growth: The company has already seen strong momentum, with 2024 revenue jumping 64% to ₦20.89 billion.

3. Market Context: A Shifting Beverage Landscape

Champion’s aggressive expansion comes at a time when global giants are recalibrating their African presence.

• The Diageo Exit: In late 2025, Diageo sold its stake in East African Breweries for $2.3 billion, opting for a third-party distribution model rather than direct ownership.

• The Tolaram-Guinness Deal: Similarly, the family-owned Tolaram Group recently acquired a majority stake in Guinness Nigeria for roughly $70 million.

• Rising Consumption: Despite economic headwinds, Nigeria’s food and beverage spending is forecast to rise by 7.7% in 2026, driven by urbanization and a growing preference for functional, ready-to-consume beverages.

Champion Breweries: Capital Raise Snapshot

“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.” — Dr. Inalegwu Adoga, MD/CEO of Champion Breweries.