Platinum Equity to acquire controlling stake in apparel company Hop Lun
Platinum Equity has agreed to acquire a controlling interest in Hop Lun, a Hong Kong-based fashion lingerie and swimwear company, from its founder Erik Ryd.
The financial terms of the deal were not revealed.
Established in 1992, Hop Lun designs and manufactures intimate apparel and is claimed to be one of the top providers of bra solutions in the US, the UK, and the European Union (EU).
Jacob Kotzubei — partner in Platinum Equity Los Angeles headquarters said: “We have known Erik for a long time and have closely tracked Hop Lun’s growth and performance over the past several years.
“Erik 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.”
Platinum Equity to acquire controlling stake in fashion lingerie and swimwear company Hop Lun. Photo courtesy of Platinum Equity.
The investment in Hop Lun is being led by the Singapore office of Platinum Equity.
Hop Lun has a workforce of over 30,000 people. It has manufacturing operations across China, Bangladesh, Indonesia, and Ethiopia.
Erik Ryd said: “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.”
Erik Ryd will retain a substantial stake in the fashion lingerie and swimwear company and going forward, will continue to help steer the business.
The deal, which is subject to customary conditions, is likely to close during Q3 2022.