Greenlit Brands Divests General Merchandise Division
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
Greenlit Brands divests general merchandise division
Steinhoff International Holdings N.V. (“Steinhoff” or the “Company” and with its subsidiaries,
Steinhoff announces that Greenlit Brands Pty Ltd, its wholly-owned Australasian subsidiary, has
updated stakeholders on the disposal of its general merchandise division.
Louis du Preez, Steinhoff Group CEO said “The sale of Greenlit Brands General Merchandise division is
a further step in Steinhoff’s programme of planned divestments, as we continue with our announced
strategy of simplifying the Group’s portfolio and deleveraging our balance sheet. We wish Allegro and
the General Merchandise management team every success with their future plans.”
The full text of the Greenlit Brands announcement follows below.
Greenlit Brands divests general merchandise division to Allegro
Greenlit Brands Pty Limited (Greenlit Brands), an integrated retailer and manufacturer of furniture
and household goods and one of Australia’s leading retail groups, today announced that it has
reached agreement to divest its General Merchandise (GM) division to Allegro Funds.
The GM brands included in this transaction are Best & Less, Harris Scarfe, Postie (NZ) and Debenhams
Australia, which include 322 stores and over 6,100 employees. The terms of the transaction will
remain commercial in confidence.
Divestment of the GM division is in line with Greenlit Brands’ strategy of refocusing on its core
Household Goods division which includes leading furniture retail, logistics and manufacturing brands
in Australia and New Zealand, including Fantastic Furniture, Freedom, Snooze, Plush, OMF, Unitrans
and FutureSleep. Following the transaction, Greenlit Brands will comprise a total of 319 retail stores
with more than 3,800 employees across Australia and New Zealand.
Greenlit Brands’ Executive Chair and Group CEO, Michael Ford, said: “Disposal of the General
Merchandise business is a significant strategic initiative which will allow Greenlit Brands to
concentrate on its core household goods brands and optimise their already-strong position in the
Australian and New Zealand markets.”
“At the same time, the General Merchandise businesses will now join a group with a very strong track-
record in building and enhancing businesses with a single-sector focus. We believe this will unlock
new opportunities for all the people working within these brands. Our gratitude and best wishes go
to everyone who has helped build the businesses to where they are today.”
“In a sense, this transaction sees us return to our roots as a focussed household goods group with a
ladder of brands with demonstrable integration and as always, striving for our ambition to achieve
Allegro Funds’ Managing Director, Fay Bou, said: “The General Merchandise business includes some
iconic retail brands that have long-standing loyal customers and passionate staff that have supported
the business serving generations of Australians and New Zealanders. We look forward to supporting
a highly experienced management team to transform each of the brands.”
It is anticipated that completion of the transaction will occur at the beginning of December. Greenlit
Brands will remain a wholly-owned subsidiary of Steinhoff International Holdings N.V..
Greenlit Brands was advised by Monash Private Capital. Allegro was advised by Evans Dixon.
Media contact for Greenlit Brands:
+61 411 251 324
Media contact for Allegro:
+61 415 900 891
About Greenlit Brands
Greenlit Brands comprises a portfolio of well-known and trusted brands including Fantastic Furniture,
Freedom, Snooze, Plush, OMF, Unitrans and FutureSleep, offering its customers a broad range of
furniture and household goods. Greenlit Brands employs more than 3000 people with 319 stores
across Australia and New Zealand.
About Allegro Funds
Allegro is an independently owned Australian fund manager with over A$1 billion FUM and is
currently investing from Allegro Fund III which has committed capital from local and international
blue chip investors. Allegro specialises in transformational capital, applying capital, expertise and a
distinctly hands-on approach to investing in businesses requiring transformation. Allegro is the most
recognised and awarded turnaround team in Australia being awarded Australasian Turnaround of the
Year Awards in 2008, 2010, 2011, 2012, 2016 and 2017.
JSE Sponsor: PSG Capital
18 November 2019
Date: 18/11/2019 08:30:00
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