Greenlit Brands
{{Short description|Australian retail company}}
{{Use dmy dates|date=April 2023}}
{{Infobox company
| name = Greenlit Brands
| former_name = Steinhoff Asia Pacific Group
| type = Subsidiary
| industry = Retail
| parent = Ibex Topco B.V.
| divisions = {{Unbulleted list|Fantastic Furniture|Freedom Furniture}}
| website = {{URL|greenlitbrands.com.au}}
}}
Greenlit Brands, formerly Steinhoff Asia Pacific Group, is the Australian subsidiary of Ibex Topco B.V. It owns the furniture retailers Fantastic Furniture and Freedom Furniture .
History
Steinhoff International acquired South African company Pepkor in November 2014.{{Cite web |last=Mitchell |first=Sue |date=26 November 2014 |title=Steinhoff expands Australian footprint after Pepkor acquisition |url=https://www.afr.com/companies/steinhoff-expands-australian-footprint-after-pepkor-acquisition-20141126-11uiyu |url-access=subscription |access-date=23 April 2023 |website=Australian Financial Review |language=en}}
In October 2016, Steinhoff Asia Pacific announced it would acquire Fantastic Holdings for {{AUD|361 million|link=yes}}. Fantastic Holdings included the chains Fantastic Furniture, Plush, Le Cornu and Original Mattress Factory.{{Cite news |date=16 October 2016 |title=Steinhoff to acquire Australia's Fantastic Holdings for $274 million |language=en |work=Reuters |url=https://www.reuters.com/article/us-steinhoff-intlnl-fhl-m-a-idUSKBN12G0WZ |access-date=23 April 2023}}
In September 2018, Steinhoff Asia Pacific rebranded as Greenlit Brands to distance itself from the controversy surrounding its parent company.{{Cite web |last=Blake |first=Dean |date=28 September 2018 |title=Steinhoff Asia Pacific rebranding Greenlit |url=https://insideretail.com.au/news/steinhoff-asia-pacific-rebranding-greenlit-201809 |access-date=22 April 2023 |website=Inside Retail |language=en-US}}
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.{{Cite web |last=Mitchell |first=Sue |date=18 November 2019 |title=Greenlit Brands' Harris Scarfe, Best & Less sold to Allegro |url=https://www.afr.com/companies/retail/greenlit-brands-harris-scarfe-best-and-less-sold-to-allegro-20191118-p53bgk |url-access=subscription |access-date=23 April 2023 |website=Australian Financial Review |language=en}}{{Cite web |last=Powell |first=Dominic |date=19 November 2019 |title=Best & Less, Harris Scarfe back in Australian hands |url=https://www.smh.com.au/business/companies/best-and-less-harris-scarfe-back-in-australian-hands-20191118-p53bp2.html |access-date=23 April 2023 |website=The Sydney Morning Herald |language=en}}
In October 2021, Greenlit sold its Plush sofa business to Nick Scali Furniture for $110 million.{{Cite web |date=3 October 2021 |title=Nick Scali Confirms $110 Million Acquisition of Plush |url=https://powerretail.com.au/news/nick-scali-confirms-110-million-acquisition-of-plush/ |access-date=23 April 2023 |website=Power Retail |language=en-US}} In June 2022, Greenlit sold its Original Mattress Factory retail business.{{Cite news |last=Greenblat |first=Eli |date=1 February 2023 |title=The owner of Fantastic Furniture, Freedom and Snooze |work=The Australian Business Review |url=https://www.theaustralian.com.au/business/retail/the-owner-of-fantastic-furniture-freedom-and-snooze/news-story/840d17709159a1de686eb1f119137bba |url-access=subscription |access-date=23 April 2023}}
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.{{Cite news |last=Carter |first=Bridget |date=24 April 2023 |title=Larry Kestelman awake to more buys after snapping up Snooze |url=https://www.theaustralian.com.au/business/dataroom/larry-kestelman-awake-to-more-buys-after-snapping-up-snooze/news-story/fa838f8498e20c183906580916b9d804 |url-access=subscription |access-date=28 January 2024 |work=The Australian}}{{Cite web |last=Sier |first=Jessica |last2=Thompson |first2=Sarah |last3=Sood |first3=Kanika |last4=Macdonald |first4=Anthony |date=12 July 2022 |title=Snooze deal lies down for a nap |url=https://www.afr.com/street-talk/snooze-deal-lies-down-for-a-nap-20220712-p5b0xn |access-date=28 January 2024 |website=Australian Financial Review |language=en}}
In June 2025, Amart Furniture announced it would acquire the Freedom business.{{Cite web |last=Gupta |first=Darshana |date=2025-06-15 |title=Freedom Furniture sold to Amart as Greenlit Brands continues divestment strategy |url=https://insideretail.com.au/business/freedom-furniture-sold-to-amart-as-greenlit-brands-continues-divestment-strategy-202506 |access-date=2025-06-16 |website=Inside Retail Australia |language=en-US}}
Brands
= Former =
- Best & Less – Discount retailer. Sold in November 2019 to Allegro Funds.
- Postie – New Zealand clothing chain. Sold in November 2019 to Allegro Funds.
- Harris Scarfe – Homewares and manchester chain. Sold in November 2019 to Allegro Funds.
- Plush – Think Sofas – Acquired in October 2016 and sold in October 2021 to Nick Scali Furniture.
- Original Mattress Factory – Acquired in October 2016 and sold in June 2022.
- Snooze – Founded in 1974 as Capt'n Snooze. Sold to Queens Lane Capital in April 2023.
References
External links
- {{Official website|https://www.greenlitbrands.com.au/}}