CVC becomes restaurant chain South Beauty's majority owner

CVC Capital Partners Sicav-FIS SA completed its investment and became the majority shareholder in South Beauty Investment Co Ltd, a medium and high-end restaurant chain in China. Expansion to more cities is planned, and the move may boost the country's flagging dining industry.

CVC has received regulatory approval for the deal, it said in a statement on Tuesday. South Beauty's founder Zhang Lan remains an owner and as chairwoman will oversee the company's strategic direction. An Yong stays as president and executive board director in charge of day-to-day operations.

"CVC's investment will help South Beauty drive greater economies of scale and increase operational efficiency," Zhang said.