Private equity investor takes controlling stake in Cargo Crew
Private equity fund Glow Capital Partners is set to acquire a 51 per cent stake in an Australian hospitality uniform brand Cargo Crew.
Glow Capital was established by Adore Beauty’s co-founder Kate Morris and former Quadrant Private Equity managing partner Justin Ryan in 2021.
Under the deal, the Cargo Crew executive team will “retain full management control” while three members from Glow Capital Partners will join the company’s board.
Cargo Crew founder Felicity Rodgers said it has been “a long journey” bootstrapping the family-owned business into a whole new product category in the Australian market.
“Over the last two decades, we’ve built this business to be a uniform brand people want to wear. As the Melbourne hospitality industry has become world-renowned, our brand has grown alongside.”
The brand supplies customisable uniforms to retail, hospitality, transport, health, banking and government industries and makes about 25 per cent of sales from international customers.
Its clientele includes Miele, the Melbourne Food and Wine Festival and celebrity chef Curtis Stone.
“The partnership with Glow Capital is the next natural step for our business. We have an incredible growth opportunity ahead of us, so we welcome the expertise in scaling up and building a global brand that the Glow team brings,” said Rodgers.
Glow co-founder, Justin Ryan, said Cargo Crew is the type of business Glow Capital Partners was looking to invest in.
“They have a proven track record with 21 years in business already and with an excellent founder and executive team, they are primed for growth that Glow can help accelerate.”
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