L Capital buys into Crystal Jade

LVMH’s Asia private equity arm has taken a majority stake in the restaurant group.

L Capital Asia, the Asia Pacific private equity arm of LVMH Moët Hennessy Louis Vuitton, has acquired a majority interest in Crystal Jade Culinary Concepts, according to a company statement. Financial details of the transaction were not disclosed. 

Crystal Jade operates over 120 locations across Asia Pacific, primarily in Singapore, Hong Kong and China, with franchises and joint venture arrangements in Thailand, Indonesia, Vietnam, Philippines, South Korea, Japan and India.

“We are very excited to partner with one of the leading Chinese F&B groups in this region. Crystal Jade is a solid asset with over two decades of brand heritage and market leadership,” Ravi Thakran, managing partner of L Capital Asia, said in a statement.

“We are confident the company will continue to perform in its core markets while expanding in top global cities and have already identified a number of landmark sites in Asia and North America.”

The investment in Crystal Jade is the firm’s third out of L Capital Asia II, the second private equity fund raised by L Capital Asia. The vehicle, launched in March 2013, held its first close at its hard cap of $950 million in August last year.

The fund has been actively investing since its close, buying 2XU, an Australian sports brand, for $69 million and Giuseppe Zanotti Design, a global designer of shoes and accessories based in Italy, for an undisclosed amount, both from its second fund.

Other recent investments by the firm include a $24.7 million acquisition of Taiwan-based DR.WU Skincare in March and the buyout of Asia-based restaurant and lounge operator Ku De Ta, Private Equity International reported earlier.

L Capital Management and L Capital Asia currently have a total of €2.2 billion in assets under management and started to invest in private equity in 2001, according to the firm. The funds make up the private equity operation of LVMH Moët Hennessy Louis Vuitton.