Brait SE, the Johannesburg-listed company that last week agreed to buy British health-club provider Virgin Active, has a further $2 billion to spend on deals, according to its largest shareholder and billionaire Christo Wiese.
The San Gwann, Malta-based investment company is seeking to buy businesses that are cash generative and have a proven management team, Wiese, who owns a 35 percent stake in Brait worth about $1.4 billion, according to data compiled by Bloomberg, said in an interview on Thursday. The company agreed to pay 682 million pounds ($1 billion) for 80 percent of Virgin Active, which has more than 40 percent of its gyms in South Africa.
“There is a very substantial war chest depending on how one goes about monetizing assets or financial structures; but Brait can do some fairly sizable deals,” Wiese, 73, the fourth-richest South African with a personal fortune of $7 billion, according to the Bloomberg Billionaires Index, said by phone from Cape Town. “Another deal in the range of 20 billion rand ($1.6 billion) to 25 billion rand is completely within Brait’s range.”