A Nigerian brewer that has spent nearly five decades making lager has just pivoted hard, craftily entering 14 African markets in one move. The implications could reshape Africa’s beverage landscape.
Champion Breweries Plc has completed the acquisition of the Bullet brand portfolio, formally closing a transaction that transforms the Nigerian Exchange-listed brewer from a regional beer maker into a multi-category, pan-African consumer beverages platform. The closing ceremony took place in Brussels, capping a deal backed by a two-phase capital raise, a ₦15.9 billion rights issue followed by a ₦42 billion public offer, that drew strong interest from shareholders and new investors alike.
Through the deal, Champion now owns the Bullet brand assets, trademarks, formulations, and commercial rights globally through an asset carve-out structure, with assets held in a newly incorporated entity in the Netherlands. Vinar N.V., the majority shareholder of Sun Mark, retains a minority stake in the new entity.
The prize is significant. Bullet Black is Nigeria’s leading ready-to-drink alcoholic beverage, while Bullet Blue has established strong energy drink credentials across multiple African markets. Together, they give Champion an immediate footprint across 14 countries, a distribution network that would have taken years to build from scratch.
“The successful completion of our public equity raises, together with the formal close of the Bullet acquisition, marks a defining moment for Champion Breweries. The support we received from both existing shareholders and new investors reflects strong confidence in our long-term strategy to build a diversified, high-growth beverage platform with pan-African scale. Our focus now is on disciplined execution, integration, and delivering sustained value across markets.”
The timing is calculated. Champion is entering categories analysts expect to roughly double in value within the decade. The Africa energy drinks market, valued at $3.65 billion in 2025, is projected to hit $5.93 billion by 2030, and Nigeria is leading the charge, growing at over 14% annually, the fastest rate on the continent, driven by one of the world’s youngest populations.
Managing Director Dr. Inalegwu Adoga framed the deal in sweeping terms: “With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan-African RTD and energy drink platform.”
The deal structure was engineered to minimise upfront risk. The carve-out model enables rapid integration without significant manufacturing capital expenditure, while creating a pathway to future Nigerian production capacity that could eventually position the country as a regional export hub.
Financially, Champion arrived at this moment from a position of momentum. As Drinkabl Media’s H1 2024 data story highlighted, Champion had already posted revenue growth of 67.3% in the first half of 2024 compared to the same period in 2023, outpacing many of its bigger rivals.
What Champion is betting on is a convergence of demographics, distribution, and FX resilience. Bullet’s largely FX-denominated revenues offer a compelling hedge for any Nigerian business navigating naira volatility, a concern that remains top of mind across the sector. As Drinkabl recently reported, Nigerian brewers are already sounding the alarm over the government’s proposed three-year excise escalation, with ₦425bn at stake industry-wide. For Champion, a business with stronger FX earnings and a broader product mix now offers structural protection that peers lack.
The competitive field, meanwhile, is intensifying. Global giants are moving aggressively across Africa, and local challengers are gaining ground. Champion’s move is a clear signal that indigenous players intend to compete — not just survive.
