L Catterton to sell stake in Crystal Jade Group
Jakarta: L Catterton, a private equity fund backed by luxury goods giant LVMH, is likely to sell a majority stake in the popular Asian restaurant chain Crystal Jade Group, according to three people aware of the development.
L Catterton, formed by the merger of L Capital Asia and American consumer focused PE firm Catterton, had acquired a 90% stake in Crystal Jade in May 2014. It is estimated that L Capital Asia had paid about $100 million towards this buyout. In June 2015, Standard Chartered Private Equity said it had invested $52 million in Crystal Jade for a minority stake. When contacted via email, L Catterton declined comment. Crystal Jade is one of Asia’s premier diversified food and beverage groups. Founded in 1991, it operates over 100 outlets ranging from fine dining and casual dining to specialty bakeries across 27 major cities in the Asia Pacific. It also maintains a presence through joint ventures and franchise arrangements in Thailand, Indonesia, Vietnam, Philippines, South Korea, Japan and India.