LVMH-owned PE firm L Capital Asia has agreed to acquire a majority stake in Crystal Jade Culinary Concepts for an undisclosed amount.

Crystal Jade is a diversified Asian food and beverage group, operating over 120 outlets ranging from fine dining, casual and specialty restaurants to bakeries across Asia Pacific with a primary focus on Singapore, Hong Kong and Mainland China. It has joint ventures and franchise arrangements in Thailand, Indonesia, Vietnam, Philippines, South Korea, Japan and India.

Established in the early 1990s, Crystal Jade has become a household name in Chinese cuisine and is well-positioned to grow further in existing markets, as well as expand its footprint internationally.

The investment in Crystal Jade is the third direct investment by L Capital Asia in the F&B sector, having previously invested in Jones The Grocer and Kudeta.

“We are confident the company will continue to perform in its core markets while expanding in top global cities and have already identified a number of landmark sites in Asia and North America. We look forward to bringing the Crystal Jade experience to diners across the world,” said Ravi Thakran, managing partner of L Capital Asia.