Nigeria: EnjoyCorp Limited completes acquisition of 86.5 percent stake in Champion Breweries

Champion Breweries Plc has announced the completion of the acquisition of an 86.5 percent stake by EnjoyCorp Limited, a food, beverage, and hospitality firm, The Cable reported on June 19.

Imo-Abasi Jacob, chairman of Champion Breweries, disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX) on June 19.

Champion Breweries offers packaging services to Nigerian Breweries Plc, the producer of Champion lager beer and Champ Malta — through Raysun Nigeria Company Limited, a subsidiary of Heineken.

The acquisition comes four months after an agreement was reached with Heineken B.V. to acquire 100 percent of its shareholding in Champion Breweries Plc.

In 2021, Heineken had purchased 1.9 billion ordinary shares of Champion Breweries through Raysun. This was after the Dutch brewer acquired a 57 percent stake in the company in 2014.

Speaking in the statement, Jacob said the acquisition was completed after the approval of regulatory bodies.

“EnjoyCorp Limited has successfully completed the acquisition of 86.5% stake in Champion Breweries plc, a prominent figure in the regional brewing industry,” the statement reads.

“EnjoyCorp acquired 100% shareholding in The Raysun Nigeria Limited, which in turn holds the 86.5% stake in Champion Breweries plc listed on the Nigerian Exchange Group.

“Sequel to the approval of the Federal Competition and Consumer Protection Commission, the parties have completed the transaction, and EnjoyCorp has taken full control of 100% shares in The Raysun Nigeria Limited accordingly.

“EnjoyCorp is committed to building our company and galvanising shareholder value through strategic initiatives and investments that align with its mission of enriching life’s moments through a diverse portfolio of brands.

“This acquisition marks EnjoyCorp’s strategic entry into the beverage category, underpinning the company’s long-term commitment to the African consumer.”

Jacob said Champion Breweries Plc will be integrated as a cornerstone subsidiary within EnjoyCorp, thereby expanding the firm’s portfolio of food, beverage, and hospitality brands.

“EnjoyCorp is welcome aboard Champion Breweries Plc, and we look forward to an exciting new chapter of growth and value creation for all its stakeholders, ” the firm added.

Jacob also said Champion Breweries will remain listed on the NGX, adding that he is confident the partnership would “unlock new opportunities and elevate the brand to greater heights”.

19 June, 2024