Investment firm increases stake in iconic Australian hat and shirt maker

November 9, 2023

Thomson Geer has advised ASX-listed investment firm Hancock & Gore Ltd (ASX:HNG) on its acquisition of a further 40.3 per cent stake in Mountcastle Pty Ltd, one of Australia's oldest hat and shirt makers.

Brisbane-based Mountcastle & Sons began in 1835 and produced the Anzac military hat throughout World War 1 and 2. The company also makes commercial pilot hats, school uniforms and academic headwear.

The acquisition takes Hancock & Gore's share of the company to 89.8 per cent.

The acquisition enables Mountcastle to continue its plans for expansion and growth. The company recently acquired two key schoolwear makers – Argyle Schoolwear and Moorebank Uniforms & Embroidery.

Thomson Geer assisted Hancock & Gore with strategic advice on structuring the deal negotiations with multiple stakeholders, consultation with the ASX, implementation including securing shareholder approval, acquisition funding, and all documentation.

The team was led by Partner Eugene Fung, who said: We're pleased to be able to advise Hancock & Gore build on its investment in Mountcastle to help it develop and grow. With a heritage that's part of the Australian fabric, we're pleased to play a role in its ongoing future."

Eugene was supported by Senior Associate Thomas Gardner and Associate Jake Breydon.

Hancock & Gore is an active investment company which invests in small to medium size businesses with a sustainable competitive advantage and strong growth prospects providing them with specialist business management skills and equity capital to leverage these growth opportunities.

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