Investment firm Long4Life has bought beauty therapy group Sorbet for R116m, it said on Friday.
Founded by businessperson Brian Joffe, Long4Life will settle the deal through cash and shares.
Long4Life said the acquisition was aligned to the company’s strategy of seeking investments with a lifestyle focus.
The board believes that Sorbet represents an "excellent platform" for Long4Life to expand its interests in the health, beauty and grooming arena, both organically and through acquisitions.
Sorbet offers a range of professional beauty therapy treatments, as well as premium body and skincare products for women and men. The business operates through various store formats including Sorbet Salon, for all-round beauty therapy, express hairstyling Sorbet Dry Bar, men’s grooming outlet Sorbet Man and Candi & Co, an ethnic hair treatments and hairstyling.
Sorbet has 186 franchise stores in South Africa and will soon open its fifth company-owned store in the UK.
The acquisition comes two weeks after Long4Life announced that it had submitted a nonbinding expression of interest to Holdsport, proposing a share swap of 10.44 Long4Life shares for each share in Holdsport.
Holdsport owns Sportsmans Warehouse, Outdoor Warehouse and wholesalers First Ascent, Capestorm, Second Skins and African Nature.
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| Image from BDLIVE SA |
Founded by businessperson Brian Joffe, Long4Life will settle the deal through cash and shares.
Long4Life said the acquisition was aligned to the company’s strategy of seeking investments with a lifestyle focus.
The board believes that Sorbet represents an "excellent platform" for Long4Life to expand its interests in the health, beauty and grooming arena, both organically and through acquisitions.
Sorbet offers a range of professional beauty therapy treatments, as well as premium body and skincare products for women and men. The business operates through various store formats including Sorbet Salon, for all-round beauty therapy, express hairstyling Sorbet Dry Bar, men’s grooming outlet Sorbet Man and Candi & Co, an ethnic hair treatments and hairstyling.
Sorbet has 186 franchise stores in South Africa and will soon open its fifth company-owned store in the UK.
The acquisition comes two weeks after Long4Life announced that it had submitted a nonbinding expression of interest to Holdsport, proposing a share swap of 10.44 Long4Life shares for each share in Holdsport.
Holdsport owns Sportsmans Warehouse, Outdoor Warehouse and wholesalers First Ascent, Capestorm, Second Skins and African Nature.
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