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CVC in talks to buy China restaurant chain stake for $300 mln-sources

Reuters - UK Focus

HONG KONG, Oct (KOSDAQ: 039200.KQ - news) 30 (Reuters) - Private equity (Swiss: PEHN.SW - news) firm CVC (Taiwan OTC: 4744.TWO - news) Capital Partners is in advanced talks to buy a majority stake in high-end China restaurant chain South Beauty Investment Co Ltd for around $300 million, two sources with knowledge of the matter told Reuters.

A deal to buy South Beauty, which sells mainly Sichuan cuisine, would be the latest private equity acquisition of a restaurant chain in China, as choppy public markets in Hong Kong and tighter credit conditions push company owners to exit through M&A deals.

Under the deal being discussed, CVC is buying 69 percent of South Beauty, while the restaurant chain's founder, Zhang Lan will own a 31 percent stake, Basis Point reported citing sources on Tuesday.

CVC has hired Bank of America Corp as an advisor, and the bank is arranging loan financing of $140 million to back the acquisition of Beijing-headquartered South Beauty, Basis Point reported.

Bank of America (Other OTC: BACYL - news) and CVC declined to comment. South Beauty did not reply to an email requesting comment. Sources declined to be identified as the discussions were confidential.