Australia’s Glow Capital Partners has acquired a majority stake in uniform brand Cargo Crew, while Korea’s Hann & Co has raised its stake in listed firm Lutronic.
Glow Capital to buy 51% in Cargo Crew
Australian private equity firm Glow Capital Partners has agreed to acquire a 51% stake in homegrown modern uniform brand Cargo Crew for an undisclosed amount, according to an announcement.
The strategic move aims to leverage Glow Capital’s resources to transition Cargo Crew from a cult Australian hospitality brand into a global frontrunner in modern uniforms, per the announcement.
Despite the change in ownership, the current executive team of Cargo Crew will retain complete managerial control, and three Glow Capital Partners members will join the company’s board.
Cargo, which sells uniforms, reported a AS20-million turnover in 2022, according to an AFR report. The company seeks to use the proceeds from Glow Capital’s investment to expand its sales team in Australia and invest in digital marketing, among others.
Founded 21 years ago in Melbourne, Cargo Crew holds a particular reputation within Australia’s top-tier hospitality sector, and the brand is a favourite among celebrity chefs like Curtis Stone.
Hann & Co raises stake in Lutronic to 83%
Hann & Co, a South Korean private equity company, has acquired an 83% stake in Lutronic Corp, a listed medical laser company, for an undisclosed amount.
According to reports, the PE firm acquired 17.14 million common stock shares and 61,754 convertible preferred stock shares, raising its stake in Lutronic to 83.12%. This figure includes the 19.12% already held by Lutronic Chairman Hwang Hae-ryung.
Lutronic, with about an 80% market share in Korea’s dermatology and laser devices, is a significant player in the Korean aesthetic market.
Hann & Co intends to launch a second tender offer to increase its stake above 90%, which would set off a voluntary delisting. The offer will target the remaining shares, aiming to purchase about 3.73 million common shares and 74,782 convertible preferred shares.