Australia’s Glow buys clothing brand in debut deal

Financial terms were not disclosed. Under the agreement, the Cargo Crew executive team will retain full management control and three members of Glow will join the board.

Glow is investing via its first fund, which reached a first close of AUD 55m (USD 37.3m) last April against a target of AUD 300m, including AUD 150m for co-investment. It pursues investments in profitable companies with enterprise values of AUD 30m to AUD 120m.

The firm was set up in 2021 by Justin Ryan, formerly a managing partner at Quadrant Private Equity, and Kate Morris, founder of e-commerce platform Adore Beauty. Quadrant acquired Adore in 2019; the company completed a domestic IPO in 2020.

“We’ve looked at hundreds of businesses so far, and there’s probably only two or three that we think are satisfactory. In this environment, you just need to remain very disciplined and focused and hold your nerve,” Ryan told AVCJ at the time of the first close. “We’re a first-time fund anyway, so we want to get it right.”

Cargo Crew provides a range of aprons, hats, jackets, and pants for chefs and restaurant staff, as well as office attire. Aprons are core to the offering, available in several colours and cuts, including for children. The company claims to be the uniform provider of choice for some of Australia’s top restaurants, cafes, and hotels, as well as a favourite of celebrity chef Curtis Stone.

This is Cargo Crew’s first institutional funding since its inception in 2002. The company plans to expand globally, with some focus on the US. There will also be efforts to build out the Australia sales team and digital marketing operations. About 25% of sales are currently overseas.

“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,” Felicity Rodgers, founder of Cargo Crew, said in a statement.

“At our core, we’re focused on design, quality and customer service, delivering curated uniform looks for customers that span across industry and location from big national corporations to local high street florists. Brands like Miele and the National Gallery of Victoria wear our uniforms to convey their own brand values of quality, design and creativity.”

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• Topics
• Australasia
• Support services
• Buyouts
• Australia
• Glow Capital Partners
• food & beverage
• manufacturing
• e-commerce