L Capital, the Asia-focused private equity arm of LVMH Moët Hennessy Louis Vuitton, has invested in the increasingly popular Asia-based Ku Dé Ta restaurant chain.
The firm has taken a 51 percent stake in the restaurant, lounge and club operator, which counts among its locations the observation deck on top of Marina Bay Sands in Singapore, the Wall Street Journal reported, although no financial details of the transaction were provided.
L Capital confirmed the deal to Private Equity International, but declined to disclose any further details.
“We are extremely excited about backing one of the earliest world class integrated dining and entertainment concepts from Asia to make it a global brand,” Ravi Thakran, managing partner of L Capital Asia, was quoted as saying in the WSJ report.
Ku Dé Ta recently opened in Bangkok and will soon open locations in Hong Kong and Paris. “New York and Tokyo will be the next markets for the brand over the next three year horizon,” Thakran was quoted as saying.
L Capital, which invests in luxury-related businesses in Asia, has been actively investing across Asia Pacific, having raised $950 million for its second private equity fund. The vehicle closed in August last year having blown through its original target.
The firm has made two recent investments in Australia, buying into retail business R.M. Williams and sportswear firm 2XU – the latter being the first investment from the second vehicle.