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HK-based lingerie and swimwear firm Hop Lun gets acquired

HK-based lingerie and swimwear firm Hop Lun gets acquired

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American private equity investment firm Platinum Equity has acquired a controlling stake in Hong Kong-based lingerie and swimwear company Hop Lun from the company founder Erik Ryd, without disclosing the financial terms.  The Hop Lun investment is being led by Platinum Equity’s Singapore office and the company's Swedish founder Ryd will retain a significant stake in Hop Lun and will continue to help lead the business going forward.  Founded by Ryd in 1992 and headquartered in Hong Kong, Hop Lun designs and manufactures intimate apparel and is a provider of bra solutions globally including US, UK and EU.

Hop Lun employs more than 30,000 people and has manufacturing operations in Bangladesh, China, Ethiopia and Indonesia. The company produces products for many of the world’s largest global retailers as well as for its own in-house brands.  The transaction is subject to customary closing conditions and is expected to be completed during the third quarter of 2022. 
 
BDA Partners and Goldman Sachs & Co. are serving as financial advisors to Hop Lun on the sale to Platinum Equity. Mayer Brown is serving as Hop Lun’s legal counsel. Meanwhile, Latham & Watkins is providing legal counsel and Kirkland & Ellis is providing debt financing counsel to Platinum Equity on the acquisition of Hop Lun.  

Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the firm’s Singapore-based team, said: “We have known Ryd for a long time and have closely tracked Hop Lun’s growth and performance over the past several years. Ryd is an energetic and passionate entrepreneur who cares deeply about the company’s employees and customers, and he has had a meaningful impact on the evolution of the industry.”  
 
“Our team in Asia has a lot of experience helping founder-owned businesses leverage Platinum’s operational expertise and M&A capabilities to maximise their potential, we are excited to work alongside Ryd and his leadership team, and to bring those same resources to bear for Hop Lun,” Kotzubei added. 
 
Matthew Louie, managing director at Platinum Equity said: “Hop Lun is an ideal platform with multiple ways to evolve and expand. We are excited to work with Ryd to accelerate investments in growing the company, both organically and through strategic M&A, that can expand Hop Lun’s production capabilities, customer base and portfolio of owned brands.” 
 
Ryd added: “I am proud of everything we have built over the last three decades and am confident Platinum is the perfect partner for our next phase of growth. Platinum’s operations expertise is well suited to help us navigate the increasing complexity of the apparel business and take advantage of the sector’s continued consolidation.”

Related articles: 

London-based Casual Films breaks into Asia with acquisition of HK production agency APV
Animoca Brands acquires Australian digital marketing agency Be Media

 

 

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