L Capital buys majority stake in luxury restaurant operator

Ravi Thakran, managing partner of L Capital Asia, told The Wall Street Journal that Ku Dé Ta has secured venues in Hong Kong and Paris and is in advanced discussion regarding locations in Dubai, Rome, Miami and Beijing. New York and Tokyo will follow as part of a three-year expansion plan.

"We are extremely excited about backing one of the earliest world class integrated dining and entertainment concepts from Asia to make it a global brand," he added.

The private equity firm has three out of the five board seats and Thakran will become chairman of the company.

Ku Dé Ta's Singapore property is above the observation deck on the Marina Bay Sands complex overlooking the harbor. This location alone recorded around $40 million in revenue and $10.7 million in EBITDA last year.

L Capital Asia 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.

Sanjay Gujral, the private equity firm's regional managing director, told AVCJ at the time that Fund II would target larger deals, including a few buyouts. While Fund I predominantly invested in Greater China and India, with Southeast Asia as an opportunistic play, its successor is paying more attention to developed markets in the region.

In December, L Capital Asia acquired a 40% stake of 2XU, an Australian sports apparel brand, for a reported A$75 million ($68.3 million). The transaction represents a partial exit for previous backers Lazard Australia Private Equity.

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• Topics
• Consumer
• Southeast Asia
• Buyouts
• buyout
• Southeast Asia
• Singapore
• Thailand
• L Capital Asia
• Consumer