Greenlit Brands Explained

Greenlit Brands
Former Name:	Steinhoff Asia Pacific Group
Type:	Subsidiary
Industry:	Retail
Parent:	Steinhoff International

Greenlit Brands, formerly Steinhoff Asia Pacific Group, is the Australian subsidiary of Steinhoff International. It owns the furniture retailers Fantastic Furniture and Freedom Furniture .

History

Steinhoff International acquired South African company Pepkor in November 2014.^[1]

In October 2016, Steinhoff Asia Pacific announced it would acquire Fantastic Holdings for . 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

• Fantastic Furniture
• Freedom Furniture

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

1. Web site: Mitchell . Sue . 26 November 2014 . Steinhoff expands Australian footprint after Pepkor acquisition . subscription . 23 April 2023 . Australian Financial Review . en.
2. News: 16 October 2016 . Steinhoff to acquire Australia's Fantastic Holdings for $274 million . en . Reuters . 23 April 2023.
3. Web site: Blake . Dean . 28 September 2018 . Steinhoff Asia Pacific rebranding Greenlit . 22 April 2023 . Inside Retail . en-US.
4. Web site: Mitchell . Sue . 18 November 2019 . Greenlit Brands' Harris Scarfe, Best & Less sold to Allegro . subscription . 23 April 2023 . Australian Financial Review . en.
5. Web site: Powell . Dominic . 19 November 2019 . Best & Less, Harris Scarfe back in Australian hands . 23 April 2023 . The Sydney Morning Herald . en.
6. Web site: 3 October 2021 . Nick Scali Confirms $110 Million Acquisition of Plush . 23 April 2023 . Power Retail . en-US.
7. News: Greenblat . Eli . 1 February 2023 . The owner of Fantastic Furniture, Freedom and Snooze . The Australian Business Review . subscription . 23 April 2023.
8. News: Carter . Bridget . 24 April 2023 . Larry Kestelman awake to more buys after snapping up Snooze . subscription . 28 January 2024 . The Australian.
9. Web site: Sier . Jessica . Thompson . Sarah . Sood . Kanika . Macdonald . Anthony . 12 July 2022 . Snooze deal lies down for a nap . 28 January 2024 . Australian Financial Review . en.