COMPANY COMMENT: Dr Brian Joffe is not taking life easy at Long4Life
His new acquisition of Inhle Beverages is as clever as it is unexpected
Anyone who thought the recent announcements of Brian Joffe’s retirement from a number of boards was an indication he had decided to take things easy will have been set straight by Wednesday’s news from Long4Life.Joffe’s new acquisition vehicle announced, with little fanfare, the acquisition of Inhle Beverages. The deal is as clever as it was unexpected. Inhle, which cans and bottles drinks, gives Long4Life a solid base from which to grow a beverage business, particularly for "adult" soft drinks overseas. Inhle also has a recently acquired a liquor licence for packaging purposes. The acquisition is valued at a maximum R360m, equivalent to a modest six times operating profit, but way in excess of Inhle’s R54m tangible net asset value. Payment will be through a combination of cash and shares. The Holdsport deal, which hit a snag, is still on the cards. So, not much sign of Joffe taking things easy. The suddenness of his departure from the Bidvest and Adcock boards might have been preci...
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