Acquisitive Long4Life adds shoe and clothing retailer Rage to its portfolio
Brian Joffe’s investment holding company Long4Life will pay nearly R4bn for retail chain Rage Footwear and Clothing.The deal will see Rage’s owners, headed by Jeffrey and Merle Gochin, own nearly 23% of Long4Life.Long4Life, which has a market capitalisation of about R5bn at the R5.65 its share was trading at on Tuesday, will pay for Rage with 270-million shares and R2.4bn cash."Rage is an exciting addition to the expanding Long4Life portfolio," Joffe, the group’s CEO, said in a media release."We see an opportunity for significant developments in this company’s footwear, apparel and accessory offering. There is also scope for synergies between our existing brands and Rage, which we believe will offer exciting future growth and position Rage for further market penetration."Rage, which was established in 1996, is a fashion retailer of shoes, clothes and accessories in the adult and children’s markets. Long4Life said its business model embraced brand ownership, in-house product developm...
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.