In a transformational deal for the Christo Wiese-controlled investment company, long-serving Brait CEO John Gnodde will step down in a major organisational shake-up that will see the company return to its private equity roots.

The sweeping overhaul also involves a R5.25bn rights issue, or 60% of the investment house’s market value, a blanket sale of its assets including the highly coveted gym chain Virgin Active and the introduction of a new strategic investor, Ethos Private Equity.

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