Allegro Funds closes in on Fantastic Furniture acquisition as Greenlit Brands nears full exit
Sydney-based private equity firm Allegro Funds is in the final stages of acquiring Fantastic Furniture, one of Australia's largest home furnishings chains. The deal will mark the end of a long-running disposal process for Greenlit Brands, which has now sold every major retail brand in its portfolio.
Transaction snapshot
Deal value: N/A (undisclosed).
Deal multiples: N/A. For context, Fantastic Furniture's parent company FF Holdco Pty Ltd posted $563.5 million in revenue (up 7.3%) and $5.9 million in after-tax profit for the year ending 30 September.
Deal type: Private equity acquisition (full buyout).
Investors: Allegro Funds (acquirer).
Fantastic Furniture operates 87 stores nationally, making it the second-largest furniture retail network in Australia by store count. The chain sits fifth by revenue in the Australian furniture and homewares market, behind Harvey Norman ($2.06 billion FY25 revenue), Ikea Australia ($1.1 billion), the combined Amart and Freedom business ($900 million-plus) and Temple & Webster ($601 million). Nick Scali trails at $434 million.
Allegro has a well-established track record in Australian retail. The firm previously acquired Best & Less, Harris Scarfe and Postie from Greenlit in 2019, subsequently floating Best & Less on the ASX in 2021. Best & Less was later taken private in 2023 after retail investors Brett Blundy and Ray Itaoui lobbed a $1.89 per share takeover bid. That proposal carried a 4.5 per cent discount to the last closing price but was supported by Allegro, which still held a 32.4 per cent stake.
The sale of Fantastic Furniture is the final chapter for Greenlit Brands. The group was established in 2018 when Steinhoff Asia Pacific rebranded to distance itself from its parent company's accounting scandal. At that point, it housed Freedom Furniture, Fantastic Furniture, Plush, Snooze, Best & Less, Harris Scarfe and Postie. Greenlit sold Plush to ASX-listed Nick Scali in 2021, Snooze to Larry Kestelman's Queens Lane Capital in 2023, and Freedom Furniture to Quadrant Private Equity in August 2025. Greenlit's senior debt facilities were provided by ANZ, NAB and Deutsche Bank, with subordinated intercompany loans.
The deal also reshapes the competitive dynamics in Australian furniture retail. Quadrant acquired Freedom Furniture and combined it with Amart Furniture to create a business generating more than $1 billion in revenue. That combined entity, led by Chris Hadley, is currently seeking an ASX listing.
