Greenlit Brands is selling its Freedom furniture business to rival furniture chain Amart.

The move will establish a combined platform of around 120 stores across Australia and New Zealand, supported by a network of distribution centres and a combined annual turnover of nearly $1 billion. 

The company says the deal reflects Greenlit Brand’s strategic focus over the last six years on investing in businesses that are well-positioned to grow under new ownership. 

“Freedom has been a vital and rewarding part of the Greenlit Brands group and we are confident that the business will prosper even further as part of a combined Amart group,” said Greenlit Brands chairman, Michael Ford.

“Over the past six years, the Freedom business has been transformed into the vibrant omnichannel retailer it is today,” said Ford.

The transaction is still to be completed, subject to customary conditions, with the intention of Freedom continuing to maintain a distinct identity within Amart. 

Since 2017, Greenlit Brands has sold its brands, including Snooze, OMF, Plush, Harris Scarfe and Best & Less to new ownership.

The group’s remaining brand, Fantastic Furniture, remains financially and operationally independent as the company continues to evaluate divestment opportunities.