Finding a table for lunch in the CBD of both Hong Kong and Singapore has become a real challenge, so one way of making sure you get your favorite seat for lunch is to buy the restuarant and Standard Chartered Bank have just done that, well kind of.
Standard Chartered Private Equity (“SCPE”) the private equity arm of Standard Chartered Bank has invested USD52 million in Crystal Jade Group Holdings (“Crystal Jade”), an L Capital Asia portfolio company and one of Asia’s premier diversified Food and Beverage groups. The investment will primarily go towards funding the growth of Crystal Jade’s existing network of outlets across Asia, as well as the expansion of its footprint internationally.
Crystal Jade operates over 100 outlets ranging from fine dining, casual and specialty restaurants to bakeries across the Asia Pacific region with a primary focus in Singapore, Hong Kong and Mainland China. Established in the early 1990s, it has become a household name in Chinese cuisine, with its outlets renowned for exceptional food quality and excellent customer service, winning acclaim from top global F&B publications.
L Capital Asia is the Asian private equity business sponsored by LVMH Moët Hennessy Louis Vuitton S.A. (LVMH).
Ravi Thakran, Managing Partner of L Capital Asia, commented: "We have had a successful history of creating value on other assets with SCPE and warmly welcome them as our co-investors in Crystal Jade. Their investment will further strengthen the resources available to allow full exploitation of the tremendous growth opportunity for Crystal Jade."
Nainesh Jaisingh, Global Co-Head of Private Equity at SCPE, said: “Crystal Jade is an exciting business, with a strong Asian brand and significant potential across Standard Chartered’s footprint. We are delighted to join L Capital Asia – with whom we have had a very successful association – and look forward to building a great company together.”
