Greenlit Brands, formerly Steinhoff Asia Pacific Group, is the Australian subsidiary of Steinhoff International. It owns the furniture retailers Fantastic Furniture and Freedom Furniture .
| Formerly | Steinhoff Asia Pacific Group |
|---|---|
| Company type | Subsidiary |
| Industry | Retail |
| Parent | Steinhoff International |
| Divisions | |
| Website | greenlitbrands |
History edit
Steinhoff International acquired South African company Pepkor in November 2014.[1]
In October 2016, Steinhoff Asia Pacific announced it would acquire Fantastic Holdings for A$361 million. Fantastic Holdings included the chains Fantastic Furniture, Plush, Le Cornu and Original Mattress Factory.[2]
In September 2018, Steinhoff Asia Pacific rebranded as Greenlit Brands to distance itself from the controversy surrounding its parent company.[3]
In November 2019, Greenlit announced it would sell its entire general merchandising division to private equity firm Allegro Funds. The deal included Best & Less, Harris Scarfe and Postie.[4][5]
In October 2021, Greenlit sold its Plush sofa business to Nick Scali Furniture for $110 million.[6] In June 2022, Greenlit sold its Original Mattress Factory retail business.[7]
In April 2023, LK Group's Queens Lane Capital investment arm purchased Snooze from Greenlit Brands, along with its FutureSleep bedding manufacture and G&G furniture import and wholesale subsidiaries.[8][9]
Brands edit
Former edit
- Best & Less – Discount retailer. Sold in November 2019 to Allegro Funds.[5]
- Postie – New Zealand clothing chain. Sold in November 2019 to Allegro Funds.[5]
- Harris Scarfe – Homewares and manchester chain. Sold in November 2019 to Allegro Funds.[5]
- Plush – Think Sofas – Acquired in October 2016 and sold in October 2021 to Nick Scali Furniture.[2][6]
- Original Mattress Factory – Acquired in October 2016 and sold in June 2022.[2][7]
- Snooze – Founded in 1974 as Capt'n Snooze. Sold to Queens Lane Capital in April 2023.[8]
References edit
- ^ Mitchell, Sue (26 November 2014). "Steinhoff expands Australian footprint after Pepkor acquisition". Australian Financial Review. Retrieved 23 April 2023.
- ^ a b c "Steinhoff to acquire Australia's Fantastic Holdings for $274 million". Reuters. 16 October 2016. Retrieved 23 April 2023.
- ^ Blake, Dean (28 September 2018). "Steinhoff Asia Pacific rebranding Greenlit". Inside Retail. Retrieved 22 April 2023.
- ^ Mitchell, Sue (18 November 2019). "Greenlit Brands' Harris Scarfe, Best & Less sold to Allegro". Australian Financial Review. Retrieved 23 April 2023.
- ^ a b c d Powell, Dominic (19 November 2019). "Best & Less, Harris Scarfe back in Australian hands". The Sydney Morning Herald. Retrieved 23 April 2023.
- ^ a b "Nick Scali Confirms $110 Million Acquisition of Plush". Power Retail. 3 October 2021. Retrieved 23 April 2023.
- ^ a b Greenblat, Eli (1 February 2023). "The owner of Fantastic Furniture, Freedom and Snooze". The Australian Business Review. Retrieved 23 April 2023.
- ^ a b Carter, Bridget (24 April 2023). "Larry Kestelman awake to more buys after snapping up Snooze". The Australian. Retrieved 28 January 2024.
- ^ Sier, Jessica; Thompson, Sarah; Sood, Kanika; Macdonald, Anthony (12 July 2022). "Snooze deal lies down for a nap". Australian Financial Review. Retrieved 28 January 2024.