From 1992 onwards, SUN acquired, and over the next twelve years, comprehensively restructured assets in the brewing sector across the FSU, building by 2004 the world's twelfth largest brewing company. Building brands under the SUN Brewing umbrella, restructuring production and introducing corporate governance, SUN created a strong foundation for growth. Three separate rounds of financing were placed to international investors, including one of the first ever private placements of securities by a company with predominantly Russian operations.

In 2004 SUN consolidated its investment by swapping its equity stake in SUN InterBrew for a combination of cash and shares in InBev (previously InterBrew) at a valuation of approximately $4 billion. Notwithstanding the Russian crash of 1988, third party investors in SUN Brewing received 5.4 times to 13.5 times return on their investments, depending upon their time of entry.

Brewery locations