Brait to Raise 6 Billion Rand, Buy Pepkor, Premier Stakes

Brait SA, South Africa’s largest private equity company, plans to become an investment group and will raise 6 billion rand ($857.7 million) to buy stakes in Pepkor Ltd., the nation’s biggest clothing retailer, and Premier Foods.

Brait will use part of the proceeds to purchase 24.6 percent of Pepkor, which has more than 2,800 outlets in 12 countries under the Pep, Ackermans and Best & Less brands and will obtain further exposure of 10.3 percent to Pepkor through a special purpose vehicle, the company said in a statement to the city’s bourse today. It will also buy 49.9 percent and 221.2 million rand of shareholders loans of Premier Foods, maker of Blue Ribbon bread and Snowflake flour.