Louis Vuitton Owner-Backed L Catterton Wants To Blow Off Some Indian Steam

Photo by Jake Allen on Unsplash

French luxury goods conglomerate LVMH’s investment arm, L Catterton Asia, has decided to pull the plug on its control over Impresario Entertainment & Hospitality Pvt Ltd., a top hospitality firm that backs popular restaurants, cafés, and bars. Some names include the Social chain, Smoke House Deli, Mocha, Prithvi Café, Saltwater Café, Slink & Bardot, Souffle S’il Vous Plait, the Tasting Room, and others. 

Catterton holds a majority stake in restaurateur Riyaaz Amlani’s Impresario Entertainment & Hospitality, promoter of the biggest fine dining restaurant brands in India. Back in 2017, it acquired around 65% stake in Impresario via a primary infusion of capital and a secondary share sale valuing the entire firm at around Rs.500 Cr.

However, it isn’t just Catterton; but other shareholders are also looking to sell stakes and make returns on their investments. The founding team will stay back and run the operations. Meanwhile, the word is that the negotiations may or may not necessarily fructify into a deal.

Who’s coming to the rescue? India Resurgence Fund (IndiaRF), a JV between Piramal Enterprise and Bain Capital Credit, is in talks to pick up a majority stake in the hospitality firm.

Earlier known as L Capital Asia, L Catterton Asia merged with US-based private equity firm, Catterton, to form L Catterton. Its collection of investments in India is nothing but impressive, from brands spanning Fabindia, Genesis Luxury, and PVR to the latest one, Sugar Cosmetics. The Vineeta Singh-led makeup brand had raised $50 million from L Catterton two weeks ago and had welcomed L Catterton’s Asia MD to join its board. 

Too long? Here’s a one-liner: L Catterton Asia looks to relinquish control in Impresario Group that operates Social, Smoke House Deli, and Mocha; Piramal-Bain Fund eyes its spot. 

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