Mar 10 2009
According to the Financial Times the buy-out of Lehman Brothers Merchant Banking Partners (LBMB) by senior managers and SA industrialist Johann Rupert, edged closer this week.
Apart from the detail of the upcoming deal (Rupert will get 49% and the management team the rest of the new entity etc.), the FT article contained a few interesting Rupert quotes. Such as this one:
Mr Rupert told the Financial Times his investment was part of a strategy to diversify his holdings away from his Richemont luxury goods empire and to acquire assets that can “preserve capital” against inflation.
“I’m going to need to learn about merchant banking again and they are going to have to learn to have some old idiot like me who actually asks what they are doing,” said Mr Rupert (58), who worked for Lazard in New York in the 1970s.
O, how nice it must be to be able to “buy now, learn later”.