A senior Lakeshore Capital executive confirmed the deal to DealStreetAsia.
The private equity firm first invested in KT Restaurant, the operator of the steakhouse chain, in early 2015, according to International Legal Counsellors Thailand, which advised on the deal. The exit was first reported by AVCJ, and its report added that the initial funding was $4.5 million for an undisclosed stake.
Based in Bangkok, Santa Fe’s restaurants are mostly located within the capital city. The company also has one restaurant in Phnom Penh, Cambodia.
In 2018, Singha allocated 5 billion baht ($165 million) for a three-year plan of growing its food business, aiming to raise sales to 15 billion baht, local media reported. Half of the capital is slated to go to its Food Factors Co subsidiary, which is responsible for the expansion of the food business under Boon Rawd Brewery Group.
Lakeshore Capital was founded in 2009. It launched the $60 million Lakeshore Capital Fund I in 2015. Santa Fe is understood to have been the fund’s second investment.
Last year, the Thai PE firm announced that it had acquired a controlling stake in analgesic product maker Devakam Apothecary Hall, its sixth investment.