Heineken sells majority stake in Champion Breweries to new investor

Heineken B.V has divested its controlling stake in Uyo-based Champion Breweries Plc to a new investor, EnjoyCorp Limited.

EnjoyCorp acquired 100 per cent shareholding in Raysun Nigeria Limited, a subsidiary of Heineken, which until the acquisition held an 86.5 per cent in the beer-maker.

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

“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,” it added.

Heineken is also the majority owner of the country’s biggest beer-maker Nigerian Breweries, where it has a 56.7 per cent interest.

EnjoyCorp was incorporated on 7 February 2024, with its registered office located in London, United Kingdom.

Ehimare Idiahi is listed as a director in the company, according to Companies House, the UK government agency responsible for incorporating companies and registering their information.

EverCorp Industries Limited, another company in which Mr Idiahi has a significant control, is incorporated and registered in London, UK.

According to his LinkedIn profile, Mr Idaho was the managing director of Tangerine Africa from November 2022 to October 2023, a non-executive director at Central Securities Clearing System between February 2017 and August 2023, and a non-executive director at Emxor Pharmaceutical Industries Limited from February 2018 and June 2022.

He holds a Bachelor of Science in Economics from the University of Houston and a Master of Business Administration from Said Business School, University of Oxford, his LinkedIn profile shows.

“The economic rationale for the acquisition is anchored on the target’s potentials including growing customer base and product with market penetration which has the potential to result in recurring revenue, predictable cash-flows and sustainable growth over the medium to long term,” the Federal Competition and Consumer Protection Commission said in a statement in May.

Champion Breweries is to be incorporated as a flagship subsidiary within EnjoyCorp’s growing portfolio of food, beverage and hospitality brands, Champion Breweries said in the regulatory filing.

Incorporated in Nigeria in 1974, Champion Breweries started bottling beer in 1976, with an initial capacity of 150,000 hectolitres of beer and 10,000 hectolitres of malt drink.

The company reported a profit drop of 73.4 per cent to N370.6 million for full year 2023. Assets as of the end of last year totalled N20.6 billion, representing a 33 per cent year-on-year increase.