Nick Scali Limited → Plush-Think Sofas Pty Ltd
completedDeal announced2021-10-04
BuyerNick Scali Limited
SellerPlush-Think Sofas Pty Ltd
SectorFurniture Retail
ValueA$103.0M
Deal typeM&A
Nick Scali agreed to acquire 100% of sofa retailer Plush from Greenlit Brands for approximately A$103-110 million (3.8x FY21 EBITDA), completing 1 November 2021. Plush generated A$160m FY21 revenue and A$27m EBITDA.
Why the buyer wanted it
Nick Scali wanted a second furniture retail banner focused on sofas to complement its core business, at what it considered an inexpensive EBITDA multiple.
Why the seller agreed
Greenlit Brands divested Plush as part of a broader portfolio rationalisation.
Stock reaction
Not specifically detailed in available coverage.
Analyst / market commentary
Nick Scali later reported the integration delivered roughly $20m per annum in synergy savings once IT and distribution were fully combined.
Deal mechanics
Deal structure
All-cash, funded via $37.5m cash reserves and a $65m corporate debt facility
Valuation multiple
3.8x FY21 EBITDA