PARIS — Bernard Arnault still has a taste for acquisitions — this time, of trendy restaurants and bars.
On Wednesday, L Capital, the investment arm of luxury giant LVMH Moët Hennessy Louis Vuitton, said it has teamed up with another fund, Capzanine, to take a 40 percent stake in the French restaurant concern Groupe Bertrand, which operates more than 70 restaurants, including the famous Left Bank fashion haunt Brasserie Lipp.
The amount of the investment was not disclosed. But in a statement, president and founder Olivier Bertrand said the capital injection would allow him to accelerate the company’s growth in France — and internationally, via franchise arrangements.
Groupe Bertrand, which generates annual revenues of around 100 million euros, or $122.7 million at current exchange, is best known for its contemporary eateries, the Impala Lounge and Mood, an Asian-themed restaurant/lounge just opened on the Champs-Elysées. The firm also operates Angelina, the beloved Belle Epoque teahouse on Rue de Rivoli, and various cafes, bars and take-away outlets.
L Capital, a private equity fund totaling 600 million euros, or $736.4 million, has made investments in 15 businesses in the last five years, including the sportswear firm Gant, leather goods maker Antichi Pelletieri and video game retailer Micromania.
This story first appeared in the April 20, 2006 issue of WWD. Subscribe Today.