Brian Joffe to list new company, Long4Life, on the JSE this week
Bidvest and Bidcorp founder, Brian Joffe, will raise R2 billion when he lists his new investment company Long4Life on the JSE on Friday – 7 April, 2017.
Long4Life is set to invest in the lifestyle sector, and could also target the beauty, outdoor, restaurant, sport and retirement sectors, according to reports.
Long4Life said in a pre-listing statement on Friday that Joffe, who is chief executive of the new company, has invested R100 million of his down funds into the business.
The JSE has granted Long4Life a listing of 405,000,100 ordinary shares in the Financial Services – Specialty Finance sector on the main board of the JSE under the abbreviated name Long4Life, symbol ‘L4L’.
“Without being exhaustive, Long4Life expects to target investments with a ‘lifestyle’ focus. Industries that will not be targeted include banking (for avoidance of doubt this is the business of deposit taking), mining and resources companies,” Long4Life said on Friday.
The company’s medium to long-term objective is to achieve sustained growth in excess of 15% per annum.
Joffe, meanwhile, will step down as CEO of foodservice group Bidcorp at the end of June to run Long4Life.
Bidcorp is the foodservices business spun off from Bidvest Group in 2016, a company Joffe founded in 1988 and has been chief executive of since 2004.
He will take on the role of non-executive chairman of Bidcorp, the first time he will not be part of the management of either company since founding the group in 1988.
Read: Brian Joffe leaves Bidcorp to start own investment firm
Loading ...