Investcorp and CR Capital to acquire a 65% stake in City Super Group for $299m.

Investcorp and China Resources Capital Management, a private equity real estate firm, agreed to acquire a 65% stake in City Super Group, a Hong Kong supermarket chain, from Fenix Group, an exporter and retailer, and the Lane Crawford Joyce Group, a fashion retail, brand management and distribution group, for $299m. “We believe that the Asia food sector continues to offer attractive growth opportunities, especially for leading brands like City Super Group, which has cultivated a strong, loyal customer base by offering premium, products with a commitment to exceptional quality, service and innovation. As one of the most preeminent food retail and lifestyle brands in Asia, we believe that City Super Group is well-positioned for growth," Hazem Ben-Gacem, Investcorp Co-CEO.