L Capital Asia to acquire Asian restaurant chain Crystal Jade

L Capital Asia, a private equity fund backed by LVHM, has agreed to acquire a majority stake in Crystal Jade. No financial terms were disclosed. Based in Singapore, Crystal Jade is a restaurant chain.


5 May 2014 — L Capital Asia – the Asian private equity business sponsored by LVMH Moët Hennessy Louis Vuitton S.A. (LVMH) – today announced that it has entered into definitive agreements to acquire a majority equity stake in Crystal Jade Culinary Concepts Holdings (Crystal Jade).
Crystal Jade is one of Asia’s premier diversified Food and Beverage group. It operates over 120 outlets ranging from fine dining, casual and specialty restaurants to bakeries across the Asia Pacific with a primary focus on Singapore, Hong Kong and Mainland China, and additional presence through joint ventures and franchise arrangements in Thailand, Indonesia, Vietnam, Philippines, South Korea, Japan and India. Established in the early 1990s, Crystal Jade has become a household name in Chinese cuisine and is well-positioned to grow further in existing markets, as well as expand its footprint internationally. Crystal Jade outlets are renowned for delicious food and excellent customer service, winning acclaim from top global F&B publications.
The investment in Crystal Jade will be the third investment by L Capital Asia 2, which is the second private equity fund raised by L Capital Asia. Launched in March 2013, L Capital Asia 2 held its first close at its hardcap of US$ 950 million in August 2013, and has previously invested in 2XU, Australia’s first global sports brand, and Giuseppe Zanotti Design, a leading global designer shoes and accessories business from Italy. The investment in Crystal Jade will also be the third direct investment by L Capital Asia in the F&B sector, having previously invested in Jones The Grocer and Kudeta from its first private equity fund.
Speaking about the transaction, Mr Ravi Thakran, Managing Partner of L Capital Asia said, “We are very excited to partner with one of the leading Chinese F&B groups in this region. Crystal Jade is a solid asset with over 2 decades of brand heritage and market leadership. We are confident the company will continue to perform in its core markets while expanding in top global cities and have already identified a number of landmark sites in Asia and North America. We look forward to bringing the Crystal Jade experience to diners across the world. We are also thankful to Mr Ip and his team in creating a fantastic business, and in trusting us as worthy custodians of this great business.”
Mr Ip, Group Chairman and CEO of Crystal Jade said, “Crystal Jade from a single restaurant in Singapore has expanded and become a well-recognized and award winning brand in Asia Pacific.
Under the leadership of L Capital with strong finance, international perspective, global wide networking, branding expertise and the quality of Crystal Jade, we are confident that it will bring every success to the brand and be one of the best in the world. ”