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Operating Businesses

Medium to long term high conviction strategic investments focused on building strong businesses, with H&G providing key value-added services including operational expertise, M&A and long-term value realisation strategies.

KEY INVESTMENTS

Mountcastle

Mountcastle, established in 1835, is a leading integrated uniform specialist with a focus on the school uniform market in Australia and New Zealand.

H&G first acquired part of Mountcastle in 1997 and has since increased ownership to 100%. The School Uniform industry in Australia is estimated at A$1bn revenue p.a. and is highly fragmented. With the acquisition of LW Reid Pty Ltd in December 2019, Mountcastle became one of the largest industry players in ANZ.

In 2023 Mountcastle completed two accretive acquisitions, Moorebank Uniform Exchange (based in West Sydney) and Argyle Schoolwear (based in Auckland New Zealand).

The H&G management team continues to assist Mountcastle in progressing strategic opportunities in industry consolidation, increased operational efficiencies, access to new markets, product innovation, diversified manufacturing capability, e-commerce platforms & access to cheaper equity & debt capital.

Led by Steven Doyle (ex-Super Retail Group/Lovisa) Mountcastle continues to grow year on year, and based on the significant acquisition pipeline, aims to complete transformational M&A.

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The school uniform industry in Australia is estimated at A$1bn+ revenue p.a. and is highly fragmented. Mountcastle is optimally positioned to increase the scale of the business through accretive acquisitions, leveraging its best-in-class design, supply chain and IT infrastructure.

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