CHAMPION Breweries Plc has signalled a major shift in its growth strategy with the acquisition of the Bullet brand portfolio, a move it says will reposition the company as a multi-category, pan-African beverage player. The announcement comes as the brewer’s N42 billion public offer of shares remains open to investors.

The brewer, which is majority-owned by enJOYcorp, is raising N42 billion through a public offer of ordinary shares priced at N16 each. The offer is scheduled to close on January 21, with a receiving agent deadline of January 28, and represents the second phase of Champion’s N58 billion capital-raising plan after an earlier rights issue.

According to a statement by the company, Champion plans to deploy proceeds from both the rights issue and the public offer to finance the Bullet acquisition and bolster working capital. The additional funds are also expected to support day-to-day operations, product innovation, and wider market expansion.

The Bullet deal is structured as an asset carve-out, under which Champion will acquire ownership of brands, trademarks, product formulations, packaging rights, and related commercial intellectual property. The transaction also includes distribution agreements spanning 14 African markets.

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Champion noted that the acquisition would not include any manufacturing facilities, a structure that allows the company to tap into an existing regional distribution network without the delays and costs associated with building routes to market from scratch.

The portfolio being acquired features Bullet Black, Nigeria’s leading ready-to-drink alcoholic beverage, alongside Bullet Blue, a caffeine-free energy drink. While production will continue through Bullet’s European manufacturing partner in the interim, Champion said it intended to localise production in Nigeria over time.

Through the transaction, Champion gains entry into Nigeria’s rapidly expanding energy drinks market, which the company estimates is growing at an average annual rate of about 14.5 percent through 2030. This growth, it said, was fuelled by increasing urbanisation, evolving consumer preferences, and rising demand for performance- and fitness-focused beverages.

The brewer added that Bullet’s pan-African reach and foreign-currency-linked revenues would help diversify earnings, increase scale, and strengthen long-term financial resilience. The acquisition also marks a transition from Champion’s traditional single-category brewing model to a broader beverage platform focused on higher-margin, trend-driven ready-to-drink and energy products.

Champion’s recent financial performance underscores the momentum behind the strategy. In its nine-month 2025 results, the company reported a 53 percent increase in revenue to N21 billion, up from N14 billion in the same period a year earlier. Net profit rose sharply to N2 billion from N21 million, while earnings per share climbed to N22.86 from N0.24, reflecting tighter cost controls, improved execution, and scale efficiencies.

“The Bullet acquisition is strategically important because it delivers established brands, regional reach, and foreign-currency earnings through an asset-light structure,” said Managing Director of Champion Breweries, Mr Inalegwu Adoga,. “It significantly strengthens the company’s platform for sustainable long-term growth.”

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Group Managing Director of enJOYcorp, Mr David Butler, said the Bullet portfolio brought proven brands, existing demand, and a well-developed distribution footprint across several markets, positioning Champion to scale faster and compete more effectively across Africa.