- The deal is expected to close in the third quarter of this year
- Hop Lun is headquartered in Hong Kong and was launched in 1992
- Hop Lun is a top provider of bras in the U.S. UK and EU
Platinum Equity has agreed to acquire a controlling stake in lingerie and swimwear company Hop Lun. No financial terms were disclosed.
Founded by Erik Ryd in 1992 and headquartered in Hong Kong, Hop Lun is maker of intimate apparel and a provider of bras in US, UK and EU.
Platinum Equity’s Singapore office is leading the Hop Lun investment. On the transaction, Jacob Kotzubei, a partner at the private equity firm’s Los Angeles headquarters, which oversees the Singapore-based team, said in a public statement: “Our team in Asia has a lot of experience helping founder-owned businesses leverage Platinum’s operational expertise and M&A capabilities to maximize their potential. We are excited to work alongside Erik and his leadership team, and to bring those same resources to bear for Hop Lun.”
Hop Lun employs more than 30,000 people and has manufacturing operations in Bangladesh, China, Ethiopia and Indonesia.
Ryd will retain a significant stake in Hop Lun and will continue to help lead the business going forward. The transaction is expected to close 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.