Brait

Name

Brait

Legal name

Brait PLC

Website

https://brait.investoreports.com

Company type

Public

Founded year

2015

Operating status

Operating

Ownership category

akta.pro rank

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment returns and portfolio value appreciation: Brait generates returns through appreciation in the value of its portfolio company investments (Virgin Active, Premier Group, New Look). The company applies fair value through profit and loss (FVTPL) accounting for all portfolio companies under IFRS 9. Returns are realized through portfolio company disposals, unbundlings, and distributions.
2. Convertible bond coupon payments: Brait PLC issued £133.6 million unsubordinated and unsecured convertible bonds due 4 December 2027, with an 8.0% coupon (7.25% cash and 0.75% PIK).
3. Investment advisory fees: The investment advisor (Ethos/TRG) receives an annual service fee of R50 million for FY25 (FY24: R65 million), subject to a three-month notice period, until the portfolio is substantially realized or unbundled. Thereafter, a revised fee of R1.5 million per month applies for winding up.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Brait PLC is a publicly listed investment holding company that invests in private equity through three principal portfolio companies (Virgin Active, Premier Group, and New Look) and raises capital via listed financial instruments including Convertible Bonds, Exchangeable Bonds, and a Revolving Credit Facility. The company applies fair value through profit or loss (FVTPL) accounting under IFRS 9 and reports its net asset value (NAV) to investors.

Product overview

Brait PLC is an investment holding company that manages a portfolio of private equity investments in portfolio companies, structured through wholly-owned subsidiaries Brait Mauritius Limited (BML) and Brait Investment Holdings Limited (BIH). The investment portfolio comprises three main portfolio companies: Virgin Active (international health club operator), Premier (South African FMCG company), and New Look (UK/Irish value-fashion retailer). Brait also structures its capital through financial instruments including Convertible Bonds (£133.6 million), BIH Exchangeable Bonds (R2.1 billion), and a Revolving Credit Facility (R0.6 billion). The company applies the investment entity exemption under IFRS 10 and accounts for portfolio companies at Fair Value Through Profit and Loss (FVTPL).

Differentiator

Problem solved

Functional benefit

Products and services

• Convertible Bonds Listed convertible bonds issued by Brait PLC to raise capital, carrying coupons payable in cash or in kind (PIK), offered to sophisticated and institutional investors.
• BIH Exchangeable Bonds Exchangeable bonds issued by Brait PLC, exchangeable into underlying instruments, structured for sophisticated and institutional investors.
• Revolving Credit Facility Revolving credit facility held at Brait Malta Limited, providing flexible liquidity to the group for working capital and investment activities.
• Ordinary Shares Listed ordinary shares of Brait PLC, traded on the Johannesburg Stock Exchange (JSE, ticker BAT) and Luxembourg Stock Exchange (LuxSE, ISIN LU0011857645), providing listed equity exposure to the underlying private equity portfolio.

Quantifiable outcome

• NAV per share of 327 cps as at 31 March 2026
• +2 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Stonehage Fleming (Mauritius) LimitedcoreImplementation/ SI/ Consulting PartnerProvides company secretarial services to Brait PLC. Located at 1st Floor, Les Fascines Block B, Vivea Business Park, Moka, Mauritius. Also provides corporate, legal and tax advisory services through associated entities.
• PricewaterhouseCoopers (PwC)coreOthersIndependent auditors of Brait PLC. Provides audit services for annual financial statements prepared in accordance with IFRS.
• Computershare Investor Services Proprietary LimitedcoreOthersSouth African Transfer Secretaries. Located at Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa. Provides share registry and transfer agent services.
• Harney Westwood & Riegels S.à r.lminorOthersLuxSE Listing Agent. Located at 56, rue Charles Martel, L-2134 Luxembourg. Provides listing agent services for Luxembourg Stock Exchange listing.
• Premier Group LimitedcoreStrategic or Co-development PartnerBrait's portfolio company. Premier is a South African FMCG company with annual turnover of R21.2 billion, operating 13 bakeries, 7 wheat mills, 3 maize mills, and manufacturing plants. Products include sugar confectionery, feminine hygiene products, biscuits, animal feeds, pasta and mageu, distributed via 28 depots in South Africa, Eswatini, Mozambique and Lesotho. Brait holds 31.3 million Premier shares.
• Virgin ActivecoreStrategic or Co-development PartnerBrait's portfolio company. Virgin Active is the leading international health club operator with clubs across four continents in eight countries (South Africa, UK, Italy, Australia, Namibia, Botswana, Thailand and Singapore), serving approximately over 1,021,900 active members worldwide.
• New LookcoreStrategic or Co-development PartnerBrait's portfolio company. New Look is a leading value-fashion omnichannel retailer in the UK and Republic of Ireland with an online business covering key international markets. Focus is delivering value for money and 'newness' with broad appeal ranges catering for ages from early teens to 45+.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Partners Group Holding AG: SIX Swiss Exchange-listed private markets investment manager. Comparable as a listed vehicle providing investors with access to private equity and private debt investments with transparent reporting.
• 3i Group plc: FTSE 100-listed private equity and venture capital investor. Comparable as a listed PE/VC firm providing public market access to PE exposure, though much larger and more diversified than Brait.
• Bridgepoint Group plc: LSE-listed private equity firm focused on mid-market investments. Comparable as a listed PE firm providing public market investors access to PE returns.
• Prosus N.V. Euronext Amsterdam and JSE-listed investment holding company with controlling stakes in internet/consumer businesses. Comparable as a listed holding vehicle providing exposure to private operating companies, though much larger scale and technology-focused.

Direct peers

• Remgro Limited: JSE-listed diversified investment holding company with controlling stakes in consumer-facing businesses across South Africa. Most comparable to Brait in terms of listed structure, geographic focus, and investment holding strategy with underlying operating subsidiaries.
• Helios Fairfax Partners: JSE-listed investment vehicle focused on African private equity-style investments. Comparable to Brait in providing listed access to private African assets with NAV-based valuation.
• Universal Partners: Listed on Stock Exchange of Mauritius and JSE Alt X, led by Pierre Joubert (who also sits on Brait's board). Comparable Mauritius-domiciled investment holding structure serving similar investor base.
• Kinnevik AB: Nasdaq Stockholm-listed investment company focused on growth/PE-style investments in consumer and technology businesses. Comparable structure as a listed investment vehicle holding private operating companies.

Regional players

• Investec plc: JSE and LSE-listed financial services holding company with strong South African and UK presence. Comparable as a JSE-listed financial holding company, though focused on banking/wealth management rather than direct PE investments.

Others

• Ethos Private Equity: South African private equity firm that has served as Brait's investment advisor (most recently re-established under the Ethos brand in October 2025). Provides investment advisory services to Brait, with deep knowledge of Brait's portfolio but operating in a different capacity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Brait