Faan and Dirk van der Walt
Faan (Adriaan Stephanus Scheepers van der Walt) and Dirk (Dirk Jacobus Floris van der Walt) are South African billionaire brothers who co-founded WeBuyCars in Centurion in 2001 after Faan spent two years teaching in the UK to accumulate startup capital. They grew up in Bronkhorstspruit in a working-class family — their father Koos was a CSIR security guard and their mother was a teacher. WeBuyCars now processes approximately 15,000 vehicles per month across 129 branches with 3,600 employees, listed independently on the JSE in April 2024 with a market capitalisation near R18 billion. The brothers received combined WeBuyCars proceeds exceeding R5 billion across various transactions, including a 2020 partial sale to Transaction Capital at ~R1.86 billion.
The brothers hold 51% of AttBid Proprietary Limited through their respective personal vehicles — I Faan (Pty) Ltd and I Dirk (Pty) Ltd (approximately 25.5% each). Atterbury Property Fund holds the remaining 49% of AttBid. Despite the headline 51% majority, the brothers’ economic interest in RMH Holdings resolves to approximately 36.5% once stakes are traced through the structure; Atterbury Property Fund’s effective economic interest is approximately 63.5%. The “billionaire brothers buy JSE property giant” narrative therefore describes a transaction where the brothers are, in economic substance, the junior partner. Their 51% gives them SPV control but no seat at Atterbury Property Holdings’ board and no disclosed information rights, distribution policy commitment, or exit mechanism at the asset level.
On 2 February 2026 the brothers sold R866.4 million in WeBuyCars shares — causing the stock to fall from R52.85 to R44.00 and erasing R3.7 billion in market capitalisation. Seven days later, on 9 February, AttBid announced its intention to make a mandatory offer for RMH at R0.47 per share. The brothers denied any link, stating the WBC share sale was “personal investment diversification and estate planning” committed to “long before” the acquisition. Following all transactions, they hold approximately 5.81% of WeBuyCars’ issued capital. A separate regulatory concern sits in the timeline: Dirk purchased 450,000 WeBuyCars shares on 20 November 2025 — two days after RMH’s cautionary announcement — and disposed of approximately R433 million in WBC shares in early February 2026, three days before the formal AttBid announcement. As of April 2026, no FSCA inquiry closure has been publicly announced.
The brothers’ relationship with Louis van der Watt and Atterbury predates the RMH transaction. Fledge Capital — van der Watt’s vehicle — held 31.5% of WeBuyCars before its 2024 JSE listing, and Atterbury built WeBuyCars’ physical retail showroom infrastructure. The family office was co-investing in Atterbury-related assets before the AttBid structure was created. This decade-long relationship is what allows the passive-capital trust the deal requires: the brothers provide the arm’s-length capital that converts what could have been a related-party scheme (APF buying RMH directly) into a mandatory offer with a different formal acquirer.
Ontology Faan and Dirk van der Walt [relates] WeBuyCars Faan and Dirk van der Walt [funds] AttBid Proprietary Limited Faan and Dirk van der Walt [relates] Louis van der Watt Faan and Dirk van der Walt [relates] Fledge Capital Faan and Dirk van der Walt [relates] RMH Holdings
Connections
- AttBid Proprietary Limited — 51% owned by the brothers (25.5% each via personal vehicles)
- WeBuyCars — co-founded 2001; source of capital for the RMH acquisition
- Louis van der Watt — long-standing commercial relationship via Fledge Capital and WBC showrooms
- Atterbury Property Fund — 49% partner in AttBid; effective senior economic partner
- RMH Holdings — target of mandatory offer; expected to delist June 2026
- Fledge Capital — van der Watt vehicle that held 31.5% of WeBuyCars pre-listing