Amart snaps up Freedom to build $1bn homewares group
Amart Furniture, backed by Quadrant Private Equity, has acquired rival Freedom Furniture, creating a retailer with more than A$1 billion in annual sales and an eye on an ASX listing as early as 2026. The enlarged business will keep both banners but share supply-chain and back-office functions to drive scale and efficiency.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Acquisition
Investors: Quadrant Private Equity (buyer); Greenlit Brands (seller)
The combined group will operate 126 stores across Australia and New Zealand, employ about 2,200 staff and generate more than A$100 million in annual earnings. Amart contributes roughly A$600 million in revenue and A$90 million in EBITDA, while Freedom adds A$410 million in sales and A$20 million in EBITDA.
Chief executive Lee Chadwick, who has led Amart for a decade, becomes CEO of the enlarged organisation. Freedom’s chief executive Blaine Callard will continue to run that brand, maintaining its higher-end product focus while Amart targets value-conscious shoppers. Growth plans include lifting Freedom’s network to up to 100 stores and expanding Amart to a similar size.
Quadrant has appointed Macquarie Capital to advise on exit options, while Greenlit Brands used Jarden earlier in the year as it prepared Freedom for sale. Although an initial public offering is on the table, Quadrant says it is in no rush, preferring to bed down synergies first.
For Greenlit Brands, the sale continues a divestment program that has already seen Plush, Snooze and other assets sold after its parent Steinhoff’s accounting scandal. Fantastic Furniture is now the group’s sole remaining brand.
Amart and Freedom will face ASX-listed competitors Nick Scali and Harvey Norman with a broader offer and greater buying power. Management expects backend integration to improve margins while preserving each chain’s distinct in-store experience. In short, the deal creates a formidable national furniture player positioned for further growth and a potential public float within the next 18 months.
