Private equity firm Greenlit Brands – the former owner of Freedom Furniture – is set to exit the Australian retail market once it completes the sale of Fantastic Furniture to Sydney-based Allegro Funds.

With 86 stores in Fantastic’s nationwide portfolio, the deal follows Greenlit’s June 2025 sale of Freedom Furniture to Quadrant Private Equity, which owns furniture retailer Amart. 

The Australian Financial Review reports that the Allegro deal has entered the final stages of negotiations.

Allegro does not currently hold any retail brands in its portfolio, having divested its most recent stake in June 2023. 

But a 2019 corporate carve-out of The Best and Less Group, an Australian clothing retailer, was completed from the now-delisted Steinhoff International.

Greenlit Brands is the rebranded entity of Steinhoff International, which has been selling off brands to pay down the debts it incurred after separating from the South African parent Steinhoff’s wide-ranging accounting scandal, which preceded its delisting.

This selling off process has also seen the divestment of Harris Scarfe, Postie, Plush, and Snooze.