L Capital Asia To Acquire Restaurant Group Crystal Jade

Pan-Asian private equity firm L Capital Asia has agreed to acquire over 90% of Chinese restaurant group Crystal Jade for around US$100 million, according to media reports.

No financial details of the deal were publicly disclosed. Representatives of both companies did not respond to requests for information.

Crystal Jade’s CEO and chairman Yiu-Tung Ip will remain CEO for one year after the deal’s completion.

Headquartered in Singapore, L Capital Asia is a private equity fund sponsored by French luxury goods company LVMH Group and Groupe Arnault, which is a holding company controlled by LVMH’s CEO Bernard Arnault, as well as Malaysian infrastructure conglomerate YTL Corporation.

L Capital Asia focuses on minority stake investments in the emerging and fast-growing markets in Asia. It invests in the consumer product, lifestyle retail, food and beverages, beauty and wellness, boutique hospitality, and media and entertainment sectors.

L Capital Asia’s first fund closed at US$635 million in 2010. Its second fund reportedly raised US$950 million earlier this year.

L Capital is the firm’s European operation and is a separate entity backed by LVMH Group. It manages a total of €990 million (US$1.37 billion), according to its website.

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