Europastry, the Spanish baking giant with a major subsidiary in Milan, Italy, has acquired a majority stake of 60% in Art of Baking in Thailand. The stake was acquired from Minor International Public Co. and Srifa Frozen Food as part of a strategic partnership: both entities will retain a 20% stake in Art of Baking. Thai group Minor International operates more than 3,000 restaurants, hotels, and bars in Southeast Asia. Srifa Bakery, the founder of Art of Baking, operates a network of over 30 bakeries in Thailand. The size of the transaction was not disclosed.

Art of Baking is based in Bangkok and produces ready-to-eat and frozen baked goods. According to Europastry, the agreement strengthens the baking group's presence in Southeast Asia, a "key market with high growth potential, and positions the company to accelerate its expansion in the APAC region." According to Europastry, the addition of over 200 employees coming with the Thai company will allow it to "strengthen its industrial and commercial footprint in Thailand and access new opportunities in the dynamic Southeast Asian market together with two prestigious partners."

"With this operation, we are expanding our network to more than 90,000 customers worldwide," explains Jordi Gallés, CEO of Europastry. "Art of Baking's experience and track record, combined 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 pastry), savory pastries, focaccias, and pizza bases. Its customers include local retail and restaurant chains. The Bangkok plant has an annual production capacity of 15,000 tons with room for expansion. It exports to countries such as Japan, the Philippines, and Singapore.

"This partnership," emphasizes Peerawat Jentrakulroj , CEO of Art of Baking, "represents a turning point for us, as it allows us to consolidate our position as a key production hub for our customers in the Southeast Asian baking sector. Confident in this partnership, we believe that together we can capitalize on the significant opportunities that lie ahead and continue to deliver exceptional value to our shareholders and partners." Dillip Rajakarier , CEO of Minor International, one of the two vehicles through which the Spanish company acquired the company, adds: "This alliance represents a bold step forward in our growth journey to offer consumers unparalleled quality and innovation at a regional level, generating strong synergies to maximize returns for all partners. By combining Europastry's cutting-edge technical expertise and its extensive global customer network with our research and development capabilities, we intend to accelerate our product innovation, expand our market reach, and expand our production capabilities."

Europastry has 27 production plants, 30 subsidiaries, and over 600 distributors. It maintains a strong distribution network, with a diversified business that has led it to exceed 90,000 customers in over 90 countries. It closed 2024 with a turnover of €1.5 billion, 12% higher than in 2023, and an EBITDA of €236 million, a 15% increase over the previous year. Spain remains Europastry's main market, with the United States in second place. Thanks to its internationalization strategy, sales outside of Spain now represent 56% of the company's total turnover. In 2024, investments in R&D and technology amounted to €124.4 million.