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.