Retail in Asia

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L Catterton to sell stake in Singapore restaurant Crystal Jade

Crystal Jade

L Catterton is looking to sell its majority stake in Singapore restaurant chain Crystal Jade Group, according to local media reports.

The private equity fund backed by luxury goods giant LVMH group is reportedly selling its 90 percent stake in Crystal Jade, which it took on in May 2014, under its L Capital Asia 2 arm, for some $100 million.

SEE ALSO : L Catterton Asia invests in Gentle Monster

The other shareholder in Crystal Jade is Standard Chartered Private Equity (SCPE), which in 2015 invested $52 million for a minority stake in the Asian restaurant chain.

The investor firm and Crystal Jade are yet to comment on the DealStreetAsia report. It appears SCPE will keep its stake.

Founded in 1991, Crystal Jade Group offers both casual and fine dining, as well as bakery outlets, named My Bread.

The group operates over 100 locations across 27 Asia-Pacific cities. It also maintains a presence through joint ventures and franchise arrangements in Thailand, Indonesia, Vietnam, Philippines, South Korea, Japan and India.

Founded in 1989, L Catterton boasts some 150 investments in consumer brands across different segments including food and beverage, luxury and fashion and retail.

In 2016, L Catterton regrouped and merged via firms L Capital Asia and American consumer-focused private equity firm Catterton to form L Catterton today.

SEE ALSO : L Catterton beefs up Seafolly with Maaji swimwear investment

Most recently, the firm sold its 40% stake in Genesis Luxury to Reliance Brands, the operator of high-end brands in India such as Bally and Ermenegildo Zegna.

In April, L Catteron successfully merged its swimwear brands, Australia’s Seafolly with Colombia’s Maaji, to create a global swimwear and beach lifestyle platform worth an estimated $143.8 million in annual sales.