L Capital Asia buys restaurant chain Crystal Jade

Financial details were not disclosed but Singapore media reported that the deal is worth around $100 million. L Capital confirmed it would take a more than 90% stake in the business.

Crystal Jade was founded in Singapore in 1991 and has expanded from a single restaurant to a food and beverage group with outlets in 18 cities across nine countries in Asia. The company has been led by Yiu-Tung Ip, its chairman and CEO, since 1992. He invested around $2 million; last year Crystal Jade generated approximately S$250 million in revenue.

Now aged 65, Ip concluded that a new owner would be best positioned to take Crystal Jade to the next level. He will remain CEO for a year before transitioning to a role as brand ambassador or adviser.

Christina Teo, managing director at L Capital, told The Business Times that there are plans to take the company into the Middle East, the US, Australia and India. "A name like Crystal Jade for a Chinese restaurant is also easy to remember. It has strong brand equity and can travel very well globally," she said.

L Capital reached a first close on its second regional fund last September at the hard cap of $950 million after less than six months in the market. The final close, which included the GP commitment, followed a few months later.

Recent investments include Taiwan skincare brand Dr. Wu, luxury restaurant operator Ku Dé Ta and Italian footwear manufacturer Vicini.

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• Topics
• Consumer
• Buyouts
• Southeast Asia
• Greater China
• Singapore
• China
• L Capital Asia
• Asia
• Consumer
• buyout