Investcorp and China Resources Capital Management have partnered to acquire a majority stake in City Super Group, aiming to accelerate its growth in the premium food retail market across Greater China and Asia.
Target Information
City Super (BVI) Limited, known as City Super Group, is a prominent premium food retail chain with a notable presence in Hong Kong and Shanghai. Established in 1996, the group has built a reputation for offering high-quality gourmet food products sourced from various parts of the world. Alongside its flagship city’super stores, City Super Group also operates LOG-ON, a retail outlet specializing in a curated range of lifestyle products.
The transaction involving Investcorp and China Resources Capital Management Limited (CR Capital Management) aims for a majority ownership stake in City Super Group, while existing shareholders Fenix Group and Lane Crawford Joyce Group (LCJG) will retain a 35% interest in the company. The deal is pending approval from the People's Republic of China (PRC) merger control authorities and is anticipated to conclude in the fourth quarter of 2020. Following the acquisition, City Super Group's management team will continue to operate independently under its established brands.
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Industry Overview
The food retail industry in Greater China has experienced substantial growth due to increasing urbanization, rising disposable incomes, and changing consumer behaviors fav
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Investcorp
invested in
City Super Group
in 2020
in a Joint Venture deal