BreadTalk buys out joint venture partner in Thailand

1 min readUpdated May 28, 2025Feb 22, 20191:05 AM

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Minor Group has sold its half share in BreadTalk Thailand to the bakery’s Singapore-listed owner. According to the Straits Times, BreadTalk paid US$5.15 million for the stake, which Minor Group is expected to use to expand its other food and beverage brands in the kingdom, including The Coffee Club. The BreadTalk Thailand joint venture, called BTM Thailand, was set up in 2014.

Minor Group’s other brands in Southeast Asia include ThaiExpress, Xin Wang Hong Kong Cafe, Swensens and the Pizza Restaurant Company.

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What this means

BreadTalk's acquisition of the remaining stake in its Thai joint venture signifies a clear strategic shift towards unified control, mirroring a trend of brands consolidating operations in key Asian markets. This move, while relatively small at US$5.15 million, eliminates potential friction and allows for quicker, more decisive brand development in Thailand. For Minor Group, the divestment enables sharpened focus and capital redeployment into established brands like The Coffee Club, where they already hold majority stakes. The risk for BreadTalk lies in fully using its solo control to outperform previous joint venture growth, especially as competitors expand. We will watch for BreadTalk's next financial filings for insights into their solo Thai market performance.

Minjun Park · Retail News Asia newsroom

Questions & Answers

What was the previous ownership structure of BreadTalk Thailand?

BreadTalk Thailand was previously a joint venture known as BTM Thailand. Minor Group owned half of the business, with the other half owned by BreadTalk's Singapore-listed parent company.

How much did BreadTalk pay to acquire full ownership of the Thai joint venture?

BreadTalk paid US$5.15 million to Minor Group for its half share in BreadTalk Thailand. This transaction means BreadTalk now owns the entire Thai operation.

How does Minor Group intend to use the funds from this sale?

Minor Group is expected to use the proceeds from selling its stake in BreadTalk Thailand to expand its other food and beverage brands within Thailand, such as The Coffee Club.

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