PLATINUM EQUITY PORTFOLIO COMPANY HOP LUN ACQUIRES RAINBOW WEST APPAREL

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Dec 18, 2023, 18:00 ET

LOS ANGELES and HONG KONG, Dec. 18, 2023 /PRNewswire/ -- Platinum Equity portfolio company Hop Lun, one of the world's largest designers and manufacturers of undergarments and swimwear, announced today the acquisition of Rainbow West Apparel ("RW Designs"), a woman and minority-owned swimwear company.

Founded in 1993 as a family-owned business, RW Designs is a Los Angeles-based company that has served as a premier private label design house and manufacturer for 30 years.

"Since we first joined forces with Platinum Equity, we have been seeking opportunities to better serve retail partners in the US market," said Hop Lun Founder and CEO Erik Ryd. "Partnering with Esther and the RW team is an important part of that strategy. This combination will allow us to offer RW Designs' sample and design capabilities to our customers, which is a great benefit for those who want more flexibility and shorter lead times."

With roots in both swimwear and outerwear, RW Designs also has meaningful experience across multiproduct categories including intimates, activewear and loungewear. Since its founding, RW Designs has provided unique offerings to the marketplace at competitive price points and has worked with a diverse range of companies to identify market opportunities for growth.

"The RW team and I are excited to join Hop Lun. We look forward to leveraging Hop Lun's vast resources and manufacturing scale throughout several countries of origin to provide even better and broader services and consistency to our customers," said RW Designs Co-Founder and CEO Esther Maya. "We are thrilled at the prospect of creating a vertical opportunity for buyers alongside of a hybrid model, allowing for more flexibility with inventory needs."

Based in Hong Kong, Hop Lun employs more than 26,000 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.

"We believe Hop Lun is proving to be an excellent platform with multiple ways to evolve and expand," said Platinum Equity Co-President Jacob Kotzubei and Managing Director Matthew Louie in a joint statement. "We are working with Erik and the company's leadership team to identify and pursue additional opportunities for growth, both organically and through strategic M&A."

Latham & Watkins LLP provided legal counsel to Hop Lun on the acquisition of RW Designs. Montminy & Co served as financial advisor and the Law Office of Christen Bartelt provided legal counsel to RW Designs on the transaction.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O^® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About Hop Lun
Established in 1992 and headquartered in Hong Kong, Hop Lun is the leading designer and manufacturer of intimate apparel, and is the largest global provider of bra solutions. It employs over 26,000 people across its global operations in Bangladesh, Indonesia, China and Hong Kong.

About RW Designs
For over 30 years, RW Designs has served as a premier private label design house and manufacturer in Los Angeles. RW Designs embodies feminism, diversity and provides flattering, price point designs for anyone and everyone interested in feeling comfortable in their body.

Contacts:

Dan Whelan
Platinum Equity
[email protected]

SOURCE Platinum Equity