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Long4Life to buy Chill Beverages

Staff Writer | November 28, 2017
South African investment firm Long4Life has agreed to buy Chill Beverages for at least 452 million rand ($33 million) in cash and shares.
Chill Beverages
Acquisition   75 percent in cash and 25 percent in stock
Joffe, former chief executive of the conglomerate Bidvest, listed Long4Life in April and has since made a string of acquisitions, including sporting goods retailer Holdsport and beauty chain Sorbet.

Chill, whose brands include energy drink Score and tonic Fitch & Leedes, has a manufacturing plant in Stellenbosch, around 50 km from Cape

Town. The company is currently owned by management and unlisted firms Africa Beverage Venture and Raubenbel.

Long4Life will pay a minimum of 452 million rand for Chill, but the purchase price could rise to as much as 734 million depending on how profitable the beverage firm is in the year to the end of June 2018.

The deal will be settled 75 percent in cash and 25 percent in new Long4Life stock at a price of 5.21 rand per share.