L Cat­ter­ton to sell stake in Crys­tal Jade Group

Mint Asia ST - - News Dealstreetasia -

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.

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