Hop Lun founder sells majority stake to private equity

Hop Lun founder sells majority stake to private equity

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“We have known Erik for a long time and have closely tracked Hop Lun’s growth and performance over the past several years,” said Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the firm’s Singapore-based team. “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.”

The Hop Lun investment is being led by Platinum Equity’s Singapore office.

“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,” added Mr. Kotzubei. “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 BangladeshChinaEthiopia and Indonesia. The company produces products for many of the world’s largest global retailers as well as for its own in-house brands.

“Hop Lun is an ideal platform with multiple ways to evolve and expand,” said Matthew Louie, managing director at Platinum Equity. “We are excited to work with Erik 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.”

Mr. Ryd will retain a significant stake in Hop Lun and will continue to help lead the business going forward.

“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,” said Mr. Ryd. “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.”

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 LLP is serving as Hop Lun’s legal counsel.

Latham & Watkins LLP is providing legal counsel and Kirkland & Ellis LLP is providing debt financing counsel to Platinum Equity on the acquisition of Hop Lun.



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