L Capital, the private equity arm of LVMH Moët Hennessy Louis Vuitton, has opened an office in London as it targets the city as a key private equity hub, according to a statement.
The firm has appointed Paul Skipworth, former president and managing director of Glenmorangie and senior vice president of strategy for Moet Hennessy, LVMH Wines & Spirits, as partner and head of the London office.
“London is a key private equity market and the UK is home to many iconic consumer brands. Our team of multi-disciplinary professionals have unique expertise in managing companies and brands with high emotional content and which offer a distinctive experience for consumers. Given the strength of the UK market and the opportunities which it offers, it is an obvious next step to expand our network into this market,” commented Philippe Franchet, senior partner of L Capital Management.
“We are delighted that Paul Skipworth, who has a twelve year track record of operational and entrepreneurial success within LVMH, is joining us to head our new London office.”
L Capital currently has about €1 billion in assets under management, with L Capital Asia managing about $1.5 billion. Headquartered in Paris, the firm also has offices in Milan, Madrid, Singapore, Hong Kong, Mumbai and Shanghai.
The firm has been highly active across the globe from both its funds, deploying capital in Singapore, Italy, Taiwan, as well as in pan-regional businesses, so far this year.
In May, L Capital Asia acquired a majority interest in Crystal Jade Culinary Concepts for an undisclosed sum – its third investment from L Capital Asia II, which raised close to $1 billion in 2013.
In Europe, L Capital and L Capital Asia together invested an undisclosed amount in Italian retail group Vicini in April, taking a 30 percent stake in the business.
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.