The owners of Amart Furniture and Freedom Furniture have retained financial advisers to initiate the sales process of the two chains.
According to the Australian Financial Review, Quadrant Private Equity has hired Macquarie Capital to oversee the sale of Amart Furniture.
Founded in 1970, Amart is known for its affordable furniture and has 68 stores nationwide. The retailer generates about $600 million of sales and annual earnings of $90 million.
Ironbridge Capital bought the chain for $500 million in 2006. Quadrant later became a co-owner before taking full control of Amart in 2016.
Quadrant is believed to offload Amart through a trade sale or an IPO. The move comes after the company sold its premium pet food company Prime100 to American consumer goods giant Colgate-Palmolive last month.
Meanwhile, Greenlit Brands has asked Jarden to assist in finding a new owner for Freedom Furniture.
Founded in 1981, Freedom Furniture has 47 stores in Australia and 13 in New Zealand. The chain produces $410 million in sales and $20 million EBITDA.
According to the AFR, the sale follows the completion of Greenlit’s multi-year turnaround plan for Freedom Furniture under the leadership of Blaine Callard.
