Long4Life aims to do bigger deals
The company is ‘out of the starting blocks’ and has had a good beginning, Joffe says, with about R2.5bn available for acquisitions
Long4Life, Brian Joffe’s investment holding company that raised R2bn on its JSE debut in April, reported its maiden set of results on Friday, saying it was now in position for bigger deals. Long4Life had firepower of about R2.5bn for acquisitions, comprising R1.6bn in cash and scope to gear against cash generating assets, it said on Friday. Long4Life would be "aggressive and prudent" in its acquisitions, said Joffe. "We didn’t buy bargains," he said, referring to recent purchases of Holdsport, Sorbet and Inhle Beverages. It had paid a sufficient amount to secure the transactions and start to build scale, Joffe said. For the six months to September 2017, Long4Life posted a profit of R41.3m, with income derived largely from interest earned on the capital raised at listing. The interim results did not include the financials of Holdsport, Sorbet and Inhle, as these acquisitions were still subject to certain conditions. Financial results for the year to February 2019 would provide a good...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.