Steinhoff International Holdings N.V.: Greenlit Brands divests general merchandise division

DGAP-News: Steinhoff International Holdings N.V. / Key word(s): 
Miscellaneous 
Steinhoff International Holdings N.V.: Greenlit Brands divests general 
merchandise division 
2019-11-18 / 07:30 
The issuer is solely responsible for the content of this announcement. 
 
*Greenlit Brands divests general merchandise division * 
 
Steinhoff International Holdings N.V. ("Steinhoff" or the "Company" and with 
its subsidiaries, the "Group"). 
 
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. 
 
*Media Release * 
 
*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 remarkable retail." 
 
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:* 
 
Justin Kirkwood 
 
[phone] 
 
[e-mail] 
 
*Media contact for Allegro:* 
 
Paul Tierney 
 
[phone] 
 
[e-mail] 
 
*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. 
 
18 November 2019 
 
2019-11-18 Dissemination of a Corporate News, transmitted by DGAP - a 
service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
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Archive at www.dgap.de 
Language:    English 
Company:     Steinhoff International Holdings N.V. 
             cnr Adam Tas and Devon Valley Road 
             7600 Stellenbosch 
             South Africa 
Phone:       [phone] 
Fax:         [phone] 
E-mail:      [e-mail] 
Internet:    www.steinhoffinternational.com 
ISIN:        NL0011375019 
WKN:         A14XB9 
Indices:     SDAX 
Listed:      Regulated Market in Frankfurt (Prime Standard); Regulated 
             Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, 
             Munich, Stuttgart, Tradegate Exchange 
EQS News ID: 914875 
 
End of News DGAP News Service 
 
914875 2019-11-18 
 
 

(END) Dow Jones Newswires

November 18, 2019 01:30 ET (06:30 GMT)