BDA advises Hop Lun on sale of controlling stake to Platinum Equity

BDA Partners is pleased to announce that its client, the leading global intimate wear solutions provider, Hop Lun, has signed a definitive agreement to sell a controlling stake to Platinum Equity. The transaction is subject to customary closing conditions and is expected to be completed during the third quarter of 2022. Financial terms were not disclosed.

Following the transaction, Hop Lun’s Founder and President, Erik Ryd, will retain a significant stake in the business and will continue to help lead the business going forward.

BDA Partners, Goldman Sachs & Co, and Mayer Brown LLP are Hop Lun’s advisors on the sale.

Established in 1992 and headquartered in Hong Kong, Hop Lun is one of the world’s largest designers and manufacturers of intimate apparel, and is the largest global provider of bra solutions. It employs over 30,000 people across its global operations in Bangladesh, China, Ethiopia, Hong Kong and Indonesia. The company manufactures intimate wear for many of the world’s leading apparel brands and retailers, as well as for its own in-house brands.

Erik Ryd, Founder and President, Hop Lun, 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.”

Jacob Kotzubei, Partner, Platinum Equity, 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.”

Matthew Louie, Managing Director, Platinum Equity, added: “Hop Lun is an ideal platform with multiple ways to evolve and expand. 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.”

Karen Cheung, Managing Director and Head of Consumer and Retail Asia, BDA Partners, said: “We are delighted to have secured an ideal partner for Erik and his team. With Hop Lun’s unique industry position and Platinum Equity’s operational expertise, we are confident this new partnership will flourish going forward. It also showcases BDA’s deep expertise in the consumer sector and the relationships we can leverage to add value to our processes.” 

Jason Song, Managing Director, BDA Partners, added: “BDA has significant experience assisting entrepreneurs in divestitures, and we are highly attuned to their unique needs. This is another strong example of our expertise in preparing a founder-owned business for the rigours of a robust global auction, uncovering the optimal partner, and maximising value.”