Long4Life to buy SA drinks company
Brian Joffe's investment firm Long4Life has agreed to buy Cape Town-based Chill Beverages for R452 million
The South African company, owned by Joffe, former chief executive of the conglomerate Bidvest, listed on the JSE in April this year, and has since made a string of acquisitions, including beauty chain Sorbet and sporting goods retailer Holdsport.
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According to Reuters, Chill Beverages is currently owned by management and unlisted firms Africa Beverage Venture and Raubenbel. Its manufacturing plant is located in Stellenbosch, where its brands include Score energy drink and Fitch & Leedes tonic.
Joffe said in a statement:
“This acquisition is an exciting opportunity for us to enhance our presence in the growing South African beverage space, which we see as an important component of the lifestyle, wellness and leisure sector.”
The deal will be settled 75% in cash and 25% in new Long4Life stock, at a price of 5.21 rand per share, said Reuters.