Sale on cards for Crystal Jade Group

L Catterton, a private equity fund backed by luxury goods giant LVMH, is said to be considering selling its majority stake in Asian restaurant chain Crystal Jade Group.

L Catterton, a merger of L Capital Asia and American private equity firm Catterton, acquired a 90 per cent stake in Crystal Jade in May 2014, estimated to have cost about US$100 million.

In June the following year, Standard Chartered Private Equity bought a minority shareholding for $52 million.

Founded in Singapore in 1991, Crystal Jade has more than 100 outlets ranging from fine-dining and casual-dining restaurants to specialty bakeries across 27 major cities in the Asia Pacific. It also has JVs and franchises in India, Indonesia, Japan, Philippines, South Korea, Thailand and Vietnam.

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