PE-backed Jones the Grocer folds in Australia again
The Australian operation of Jones the Grocer, a gourmet food retailer backed by L Capital Asia, has entered voluntary administration for the second time in two years.
Jones the Grocer's three remaining locations in Australia, as well as one operating under the Becasse brand, will close business as L Capital seeks new buyers for the stores. The move will end both brands' operations in Australia, Smartcompany reported. Hamburger restaurant chain Charlie & Co will stay open but will be sold to new owners.
The company also has locations in the United Arab Emirates, Singapore, New Zealand, Qatar, Bahrain and Thailand. Global rights to the Jones the Grocer brand have already been acquired by JTG, previously the master franchisee for the brand in the Middle East and North Africa and also backed by L Capital. A subsidiary of L Capital holds the master franchise rights for various Asia Pacific markets.
L Capital initially invested in Jones the Grocer in 2012, acquiring a 50% stake for an undisclosed amount. Following a dispute between the GP and the CEO, L Capital took the company into administration in 2014. The firm took full control of the company's Australia and Singapore assets when Jones the Grocer came out of administration.
As part of the administration filing, L Capital will also forgo its entitlements as a creditor to Jones the Grocer; the firm claims to have loaned several million Australian dollars to the business last year. The GP attributed Jones the Grocer's continued difficulties in Australia to "legacy issues" and said it would continue to seek business opportunities for the company overseas.
L Capital Asia was created by French luxury goods conglomerate LVMH and seeks investments in consumer-oriented companies in emerging Asian markets. It recently merged with consumer-focused GP Catterton to form L Catterton; L Capital chairman Ravi Thakran told AVCJ the two firms' funds will continue to invest separately, but will also help each other to source deals in their home regions.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.