Riyadh - Sharikat Mubasher: L Catterton, a private equity firm backed by luxury French fashion house LVMH, plans to sell its stake in the Saudi-based gourmet food producer and restaurant chain Bateel.

L Catterton is working with UBS Group to sell its entire holding of around 20%, people familiar with the matter told Bloomberg.

In 2015, the investment firm invested in Bateel to fuel its global expansion plan.

Bateel was established by the Al Sudairy family in 1991 and started as a date farming business before branching out into cafés and boutiques selling gourmet food.

It has a presence in 16 countries with over 40 boutiques and 30 cafés in premium commercial and residential districts in major cities, stretching from Detroit to Jakarta.