Spain-based frozen dough producer, Europastry has acquired 60% of Art of Baking in Thailand.
Art of Baking is a ready-to-eat (RTE) and frozen bakery producer which has a plant in Bangkok and specialises in frozen bakery products such as sweet and savoury pastries, flatbreads and pizza bases.
Europastry disclosed that the stake was taken from Minor International and Srifa Frozen Food as part of a strategic partnership. Thai hospitality company, Minor International, owns hotel chains NH and Anantara, as well as a network of more than 3,000 restaurants globally.
Minor International will retain a 20% stake, while the remaining 20% will be held by Thai bakery Srifa Bakery, which runs around 30 bakeries in Thailand.
The deal will reinforce Europastry’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”. 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.”
Art of Baking produces 4 main product categories namely sweet pastries (such as croissants, puff pastries and Danish dough), savoury pastries, flatbreads and pizza bases. Its customers include local retail and foodservice chains. Its Bangkok plant has an annual production capacity of 15,000 tonnes with ample room for expansion. It has exported to countries such as Japan, the Philippines and Singapore.
Europastry is confident that the acquisition will strengthen its commercial presence in Thailand, as well as increase its access to Southeast Asian markets via its 2 strategic partners. Europastry also hopes to collaborate with its partners in R&D efforts and new product innovations to expand its market reach.
