American private equity firm Platinum Equity’s portfolio company Hop Lun, one of the world’s largest lingerie manufacturers, has acquired Hong Kong-based P.H. Garments, according to a company statement on Thursday. 

No financial details of the acquisition were disclosed.

Founded in 1988, P.H. Garments is a private-label manufacturer of intimate apparel, shapewear, and activewear for world-renowned fashion brands.

This is Hop Lun’s second acquisition in the last six months. The Hong Kong-based company had acquired Los Angeles-based swimwear maker Rainbow West Apparel in December.

Founded in 1992, Hop Lun employs over 28,000 people across its global operations in Bangladesh, Indonesia, China and Hong Kong. The company produces products for many of the world’s largest global retailers as well as for its own in-house brands.

It produces intimate wear for the likes of H&M, Marks & Spencer, and billionaire Rihanna’s Savage X Fenty. 

Platinum Equity acquired a controlling stake in Hop Lun from founder Erik Ryd in 2022 for an undisclosed amount. 

Ryd is also the founder of Hong Kong-headquartered intimate apparel brand 6IXTY8IGHT, which runs more than 200 stores across Greater China, South Korea, Singapore, and Malaysia.

Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies.