Champion Breweries to acquire Bullet to enhance FX earnings

Champion Breweries Plc, a subsidiary of EnjoyCorp Limited, says it has reached an agreement with Sun Mark International Limited to acquire the Bullet brand.

Bullet is one of Africa’s fast-growing ready-to-drink (RTD) alcoholic and energy beverage portfolios.

According to a statement announcing the deal on Wednesday, Champion Breweries will acquire all brand assets and intellectual property for Bullet from Sun Mark.

The brands are expected to be held under a new Netherlands-based entity, with Champion Breweries taking a majority interest, while Vinar N.V., the Belgian majority shareholder of Sun Mark, retains a minority stake.

Champion Breweries said the transaction, which is subject to regulatory approvals, would boost its foreign exchange (FX) earnings.

Located in Akwa Ibom state, Champion Breweries is the maker of Champion lager beer and Champ Malt. The company also offers packaging services to the Nigerian Breweries Plc.

“With nearly five decades of brewing heritage since its incorporation in 1974, and as a publicly listed company on the Nigerian Exchange, Champion Breweries brings a track record of trust, quality, and market resilience to this landmark acquisition,” the statement reads.

“Bullet is an established leader in the RTD and energy drink segment in Nigeria, with its flagship Bullet Black enjoying independent market leadership.

“The brand’s reach spans over 14 African countries, including Nigeria, Cameroon, Ghana, Ivory Coast, DRC and Tanzania. Notably, the Bullet transaction will significantly enhance Champion Breweries’ foreign exchange earnings, further strengthening Champion Breweries’ financial stability.

“Bullet’s caffeine-free formulation distinguishes it in the energy drink category, tapping into the fast-growing segment of consumers seeking healthier, non-caffeinated functional beverages.”

Speaking on the deal, Imo-abasi Jacob, chairman of Champion Breweries, said the proposed acquisition will mark a transformative step for the company.

“We will expand our portfolio to include high-growth categories with strong consumer demand,” Jacob said.

“Bullet’s international footprint and brand strength perfectly align with our vision for sustainable growth and market leadership.”

On his part, David Butler, managing director of enJOYcorp, said the brand has “tremendous potential as a truly global African brand”.

“With its strong position in key markets and significant headroom for expansion, we will be poised to accelerate growth through new product launches, market entries, and strategic synergies across our operations, working with existing partners and strengthening the distribution reach of all products in our range,” Butler said.

The synergies, according to the statement, will include shared distribution routes, consolidated warehousing, integrated stock management, and centralised resource allocation to maximise efficiency and scale.

Champion Breweries said several new Bullet products have already been approved and are slated for rollout in 2026, accompanied by targeted entries into additional African and global markets.