Investment bank Jefferies has returned to the negotiating table with long-time client Quadrant Private Equity to assist in the potential sale or listing of Amart Furniture. The move marks a revival of Jefferies’ earlier mandate, which had been transferred to Macquarie Capital last year.

Jefferies Australia, led by former UBS banker Michael Stock, is now back in the driver’s seat. Stock previously worked on an attempted Amart listing several years ago during his tenure at UBS. Sources say Jefferies is preparing for a possible public-market debut of the furniture retailer next year as Quadrant seeks to reshape its portfolio and unlock value from long-held assets.

Quadrant Eyes Market Return for Amart

Quadrant has been making renewed efforts to bring Amart Furniture to the listed market. Earlier this year, the firm acquired rival Freedom Furniture for between 85 and 115 million dollars, with the intention of merging the two businesses into a roughly 1 billion dollar retail group with about 120 stores. The strategy was designed to create a company large enough to attract passive investment funds. Macquarie Capital advised Quadrant on the Freedom Furniture acquisition.

Amart has been profitable, but Quadrant has held the business since 2010, making a sale or public listing increasingly overdue. Jefferies has advised Quadrant on several major transactions over the years, including the sale of tourism operator Journey Beyond and the attempted sale of Affinity Education in 2023. Industry sources also expect Jefferies to handle a future sale of Quadrant’s Entertainment and Education Group, which includes amusement arcade operator Timezone and is valued at more than 2 billion dollars.

A Growing Mandate Across Quadrant’s Portfolio

Jefferies’ work for Quadrant comes as the private equity firm prepares a series of divestments across its broad stable of companies. Sources say Jefferies and Barrenjoey are expected to help TPG Capital float or sell its pet care operator Greencross in 2026. Quadrant has also enlisted JPMorgan to oversee the sale of its Fitness and Lifestyle Group, which operates major gym brands across Australia and Southeast Asia.

The firm has previously explored a sale of confectionery maker The Rite Bite Group, owner of Darrell Lea, through UBS before withdrawing the business from the market. Its ready-meal brand My Muscle Chef could also be positioned for a sale valued at approximately 500 million dollars. Outdoor advertising company QMS is another asset believed to be a potential candidate for divestment.

Some businesses have already changed hands. Quadrant handed control of its Rockpool Bar and Grill restaurant group to lender Metrics Credit Partners last year and recently sold Grays Online to Slattery Auctions, which later placed the distressed business into administration.

Continued Deal Activity

Quadrant remains active on the acquisition side as well. The firm recently purchased Carlisle Health, a diagnostic imaging provider with 24 clinics across New South Wales and Queensland, after the business was marketed through Allier Capital.

With deal activity ramping up across several fronts, Jefferies’ renewed partnership with Quadrant signals an important step as the private equity house reshapes its portfolio and positions key assets for the next phase of market activity.