Glow Capital Partners has taken a 51% stake in Australian hospitality uniform brand Cargo Crew, in the first deal for the Sydney-based private equity firm’s Glow Growth Fund I.
Glow Capital was established in 2021 by former Quadrant Private Equity managing partner Justin Ryan, and Quadrant portfolio company Adore Beauty’s co-founder Kate Morris.
Cargo Crew supplies customisable uniforms to retail, hospitality, transport, health, banking and government industries, with 25% of sales coming from international customers. Glow completed the deal along with co-investors HarbourVest and Continuity Capital.
Glow Growth Fund I was launched in November 2021 with an AUD$150 million ($92 million) target, and had a first close of AUD$55 million in April this year, PEI reported this week.
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.
Glow co-founder Justin Ryan said Cargo Crew boasts “a proven track record with 21 years in business already and with an excellent founder and executive team,” adding the company is “primed for growth that Glow can help accelerate.”
