Brian Joffe’s acquisitive investment group Long4Life has a cash pile of R1.1bn, which it intends using for takeover opportunities.  Since listing on the JSE in April 2017, Long4Life has grown quickly through several acquisitions, including its takeover of packaging group Inhle Beverages, sports retailer Sportsmans Warehouse and beauty spar chain Sorbet. Joffe said though more acquisitions could be on the cards, finding suitable takeover targets had not been easy as one of the biggest obstacles to making further acquisitions was the mismatch between the valuations Long4Life made for targeted companies and those of the prospective sellers. “Sellers’ expectations and asset valuations have not reflected the difficult economic climate and in many instances have not met the group’s valuation criteria.” Valuation mismatch Aside from the valuation mismatch, Joffe said another issue was finding a business of a certain size, which could be scaled up quickly. The group did not want to be in...

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