SCPE commits $52m to L Capital-owned Crystal Jade

The company will use the funding to add more locations to its existing network of restaurants and stores. It will also expand to more international regions, according to a release.

Based in Singapore, Crystal Jade currently operates over 100 outlets across its markets. Its businesses range from fine dining and specialty restaurants to casual eateries and bakeries. The company mainly operates in Hong Kong, mainland China and Singapore, but has a presence in other Southeast Asian countries, including Malaysia, Vietnam, Japan and the Philippines.

L Capital bought a more than 90% stake in Crystal Jade last year, reportedly for around $100 million. The sale was initiated by Crystal Jade Chairman and CEO Yiu-Tung Ip, who desired a new owner that could take the company to the next level. At the time, L Capital expressed a desire to expand Crystal Jade into North America, Australia, the Middle East and India.

SCPE has made several investments in restaurant chains across Asia in recent years. Last September it committed $35 million for a significant minority stake in Vietnamese restaurant operator Golden Gate; it also led a $48 million joint investment in Korean garlic-themed restaurant Mad For Garlic, to support expansion into Southeast Asia.

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• Topics
• Greater China
• Consumer
• Expansion
• Southeast Asia
• Singapore
• L Capital Asia
• Standard Chartered Private Equity
• Consumer
• Growth capital
• Southeast Asia
• China