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.<\/p>\n
Long4Life is set to invest in the lifestyle sector, and could also target the beauty, outdoor, restaurant, sport and retirement sectors, according to reports.<\/p>\n
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.<\/p>\n
The JSE has granted Long4Life a listing of 405,000,100 ordinary shares in the Financial Services \u2013 Specialty Finance sector on the main board of the JSE under the abbreviated name Long4Life, symbol ‘L4L’.<\/p>\n
“Without being exhaustive, Long4Life expects to target investments with a \u2018lifestyle\u2019 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.<\/p>\n
The company\u2019s medium to long-term objective is to achieve sustained growth in excess of 15% per annum.<\/p>\n
Joffe, meanwhile, will step down as CEO of foodservice group Bidcorp at the end of June to run Long4Life.<\/p>\n
Bidcorp is the foodservices business spun off from Bidvest Group in 2016, a company <\/span>Joffe founded in 1988 and has been chief executive of since 2004.<\/p>\n 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.<\/p>\n
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