4 October 2021
Media Release – For immediate release
Greenlit Brands divests Plush to Nick Scali
Greenlit Brands Pty Limited (Greenlit Brands) is pleased to announce that it has reached agreement for the sale of and purchase of its Plush brand to Nick Scali Ltd (ASX: NCK).
Plush has been acquired by Nick Scali for an enterprise value of $110 million (with $7million cash to remain within Plush on completion) and subject to customary working capital adjustments and a number of conditions precedent. Completion of the transaction is targeted for November 2021.
Michael Ford, Executive Chairman and Group CEO of Greenlit Brands said:
“We are very pleased to have negotiated this transaction with Nick Scali.”
“For Plush, this outcome crystallises the opportunity for the business to grow to the next stage of its development, with commensurate opportunities for employees, under the ownership of a deeply experienced and high calibre retail group, Nick Scali.
“For Greenlit Brands, this transaction realises an asset on behalf of our parent company, Steinhoff International, in an orderly fashion and for fair value.
“Looking ahead, Greenlit Brands remains fully committed to continuing to invest in our people, our businesses and our brands while we continue to carefully evaluate our strategic options and opportunities. The financial and operational strength of Greenlit Brands, underpinned by our solid balance sheet and our suite of iconic brands – all of which are profitable – puts us in a strong position to continue to build remarkable retail businesses and to create value.”
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Household goods retailer Steinhoff Asia Pacific Group Holdings announced it has rebranded as Greenlit Brands Pty Limited, and secured new financing through local banks, to combat the negative image held by parent company Steinhoff International Holdings NV.“The Greenlit Brands identity is contemporary and vibrant,” Greenlit Brands’ group chief executive Michael Ford said.“It encapsulates the fact that we are a broad group covering a variety of segments across both household goods and general merchandise, both in retail and non-retail operations.”Ford notes that the group runs its own manufacturing logistics and supply chain operations to support its retail brands, which cover the good, better and best spectrum of the sector.The group, which owns Freedom, Fantastic Furniture, Snooze and Best & Less, lodged trademark applications for Greenlit Brands, Greenlit Holdings and Greenlit Retail earlier in the year.The name and logo were developed within the Group following a group-wide voting process.“Putting in place longer term funding arrangements for Greenlit Brands is a major step forward for our Group,” Greenlit Brands’ chief financial officer Michael Gordon said.“This important initiative provides our 10,000 employees, our suppliers and our business partners across all of our respective brands with certainty about the Group and is indicative of the strength and independence of our Group in Australasia.”