The new owners of Warmbaths are Benus Trade and Invest, an investment company linked to Community Investment Holdings (CIH). Benus bought Forever Resorts, the group that owns the Warmbaths resort in Bela-Bela and Badplaas in Mpumalanga, after the Competition Tribunal approved the large merger on 25 August 2026 (case LM059Jul26). Forever Resorts announced the change of ownership in mid-September and says its resorts stay open under the same brand.
Updated 6 October 2026: this article now cites the Competition Tribunal order, corrects the description of the property portfolio, and reports the managing director’s comments as paraphrase where the source did not quote him directly.
The deal in brief
The Competition Commission reviewed the transaction first. As BusinessTech reported in August, the Commission said: “The Commission has recommended that the Tribunal approve the proposed transactions where Benus intends to acquire Forever Resorts SA, without conditions.” It found the deal “unlikely to substantially lessen or prevent competition in any market” and said it “does not raise significant public interest concerns”.
The Tribunal’s case record lists Benus Trade and Invest (Pty) Ltd as the acquiring firm and Forever Resorts SA (Pty) Ltd as the target, with the outcome recorded as approved and the order dated 25 August 2026. The order document on the Tribunal’s site is filed as an unconditional merger approval. None of the reports or filings we reviewed disclose a purchase price.
BusinessTech described Benus as a small company with little online presence that shares directors with CIH. The Commission described Benus as “a conglomerate operating in various markets including healthcare, information, communication and technology, power and energy, mining, logistics and infrastructure.”
Who is behind Benus Trade and Invest
CIH is a 100% black-owned investment group founded in 1995 by Prof Anna Mokgokong and Joe Madungandaba. According to BusinessTech’s report on the ownership announcement, the group has interests in healthcare, technology and telecommunications, power and energy, mining, logistics and infrastructure development.
The announcement framed CIH’s role as one of preservation. “As the new custodian of Forever Resorts, CIH is committed to building on the brand’s proud heritage, preserving these treasured destinations and ensuring that they remain accessible and continue to benefit and be enjoyed by South Africans for generations to come,” it said.
What the new owners say will stay the same
Forever Resorts said it would largely be business as usual for guests. “For guests, employees, business partners and stakeholders, this marks a seamless continuation of the Forever Resorts brand, whilst opening exciting possibilities for the future,” the group said.
Managing director Eugene van Jaarsveldt said the transaction would ensure the group’s continued strategic growth and development, and that guests would keep using its facilities. “Forever Resorts will continue operating under its well-known flagship brand, ensuring that all existing resorts, hotels, and guest offerings remain a core part of its ongoing operations,” he said. Quoted by Tourism Update, he said: “As we look to the future, our focus remains on building on the reputation of Forever Resorts, driving continued growth, nurturing the valued relationships that have contributed to our success and exploring new opportunities.”
What Benus now owns
Tourism Update lists the portfolio as including Badplaas, Blyde Canyon, Gariep, Loskopdam, Phalaborwa Safari Park, Plettenberg, Swadini, Tshipise and Warmbaths, among others. BusinessTech put it at nine resort properties, three lodges and several other properties. Eight of the resorts were previously owned by Aventura, a state-owned company that sold them to Forever Siyonwaba Resorts in 2003, from where ownership passed to Forever Resorts.
BusinessTech calls Warmbaths arguably the best-known property in the Forever Resorts portfolio. It sits in Bela-Bela, north of Gauteng, and is named for natural hot springs that BusinessTech reports can produce up to 22 000 litres of water per hour at 53 degrees Celsius. In August, BusinessTech reported that a two-bedroom chalet cost up to R3,470 a night in peak season and R1,660 in low season, with a two-sleeper hotel room between R2,290 and R3,470 depending on the season.
Who the change affects and what to do
Guests with bookings. The group says resorts, hotels and guest offerings continue under the brand and that it will largely be business as usual for visitors. It has not announced any change to existing bookings. Forever Resorts’ official properties page currently carries a guest notice warning of unauthorised Forever Resorts advertisements and holiday offers on social media, and asks guests to verify any special offer, booking or payment request through official channels before paying.
Suppliers and contractors. Laundry, catering, maintenance, events and transport firms that serve the resorts should keep invoicing as normal, but check existing contracts for change-of-control clauses and confirm who signs off on renewals under the new shareholder.
Corporate and events buyers. Companies that book conference or function venues at the resorts can expect those venues to remain part of the offer, according to the group. It is worth confirming rates and terms for future bookings in writing.
Competitors and investors. The deal moves a large, established leisure portfolio into the hands of a diversified black-owned investment group. It joins other recent approvals such as the AIIM-backed JNB11 data centre takeover, and it lands as new leisure capacity arrives elsewhere, including Club Med’s first Beach and Safari resort in KwaZulu-Natal. For the demand side, see our report on international tourist arrivals to South Africa.
Further coverage of leisure, retail and consumer businesses is on our Retail and Consumer page.
