[SINGAPORE] Navis Capital Partners Ltd has agreed to buy control of Imperial Treasure Restaurant Group Pte, the Singapore company known for its "Super Peking Duck" eateries, a person with knowledge of the matter said.
The Malaysian buyout firm will pay S$60 million to S$80 million for a majority stake in Imperial Treasure, the person said, asking not to be named as the information is private. The investment will help accelerate Imperial Treasure's expansion in China as well as in fine-dining cuisine, according to the person.
Imperial Treasure founder Alfred Leung will keep his stake and remain involved in the business, the person said. He previously started Singapore's Crystal Jade Culinary Concepts Holding Pte restaurant chain, known for its steamed dumplings and spicy noodles, which was bought last year by LVMH Moet Hennessy Louis Vuitton SA's Asian private equity arm.
A representative for Navis declined to comment. Imperial Treasure declined to comment in an e-mailed response to questions, saying it has "no more information to share" given the confidential nature of the matter.
Mr Leung left Crystal Jade to start Imperial Treasure, which opened its first restaurant in 2004 and now has 23 outlets serving Chinese food ranging from steamed pomfret to handmade noodles. It runs a fine dining restaurant overlooking the casino floor at Singapore's Marina Bay Sands and one outlet in Shanghai.