Europastry acquires majority stake in Thailand's Art of Baking
Europastry, which put its IPO plans on hold last year for a second time, said the stake was taken from Minor International Public Co. and Srifa Frozen Food as part of a strategic partnership.
Both of those entities will each retain a 20% interest in Art of Baking.
Europastry said in a statement the deal reinforces the bakery group's presence in South East Asia, a 'key market with high growth potential, and positions the company to accelerate its expansion in the APAC region'.
Art of Baking is based in Bangkok and produces ready-to-eat and frozen bakery products.
Jordi Gallés, CEO of Europastry, said: With this operation, we are expanding our network to more than 90,000 customers worldwide.
'Art of Baking's experience and track record, coupled with our know-how, will allow us to continue generating value and offering the best proposition to our customers.'
Founded in 2018, Art of Baking produces four main product categories: sweet pastries (such as croissants, puff pastries and Danish dough), savoury pastries, flatbreads and pizza bases. Its customers include local retail and foodservice chains.
The Bangkok plant has an annual production capacity of 15,000 tonnes with room for expansion. It exports to countries such as Japan, the Philippines and Singapore.
Peerawat Jentrakulroj, CEO of Art of Baking, said in a separate statement: 'This partnership represents a transformative step for Art of Baking as it empowers us to solidify our position as the key production hub serving our customers in the South East Asian bakery sector.
'Confident in this partnership, we believe together we can capitalise on the significant opportunities ahead and continue to deliver exceptional value to our shareholders and partners.'
The Thai group Minor International operates more than 3,000 restaurants, hotels and bars in South East Asia, according to Europastry. Srifa Bakery, Art of Baking's original founder, operates a network of more than 30 bakeries in Thailand.
Europastry said the addition of more than 200 employees will enable the business 'to strengthen its industrial and commercial footprint in Thailand, and to access new opportunities in the dynamic South East Asian market together with two prestigious partners'.
Dillip Rajakarier, the CEO of Minor International, said in the statement: 'This alliance represents a bold step forward in our growth journey to deliver unparalleled quality and innovation to consumers regionally, generating strong synergies to maximise returns for all partners.
'By combining Europastry's cutting-edge technical expertise and extensive global customer network with our leading R&D capabilities, we aim to accelerate the innovation of our products, expand market reach, and production capabilities.'
"Europastry acquires majority stake in Thailand's Art of Baking" was originally created and published by Just Food, a GlobalData owned brand.
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