Long4Life increases its stake in Spur
In May, Long4Life said it had a cash pile of R1.1 billion for buying opportunities.
South Africa-based investment group Long4Life has more than tripled its stake in Spur Corporation to 12.5 percent.
Long4Life is led by former Bidvest CEO and founder Brian Joffe (pictured). The transaction, which is worth about R220 million, takes Long4Life’s interest in Spur from 4 percent to 12.5 percent.
The Spur includes the brands Panarottis Pizza Pasta, Spur Steak Ranches, Spur Grill & Go, John Dory’s Fish Grill Sushi, RocoMamas, The Hussar Grill, Casa Bella and Nikos Coalgrill Greek.
The purchase of 9.2-million Spur shares for about R24 per share on Friday also means Long4Life now holds 14.3 percent of the company’s shares in issue that have voting rights.
Long4Life, whose brands include Sportsmans Warehouse and the Sorbet beauty chain, was unable to comment on Tuesday as it is in a closed period. But it said in May that it had a cash pile of R1.1 billion for buying opportunities.