Goldilocks Bakeshop seek­ing al­liance with SM Group to strengthen brand

Business World - - CORPORATE NEWS - Arra B. Fran­cia

GOLDILOCKS BAKESHOP, Inc. is seek­ing an al­liance with the SM Group in or­der to help grow its brand in the next 50 years.

In a statement is­sued on Wed­nes­day, Goldilocks President Richard L. Yee con­firmed the com­pany is cur­rently in talks with the SM Group for the ac­qui­si­tion of a con­trol­ling stake in the com­pany, but de­clined to give specifics.

“Goldilocks has al­ways been open to forg­ing strate­gic part­ner­ships with com­pa­nies who share our vi­sion and values, while help­ing us be­come an even more for­mi­da­ble brand both here and abroad. Over the years, sev­eral groups have been in­ter­ested and as of now we have nar­rowed the list down,” Mr. Yee was quoted as say­ing in a statement.

“We be­lieve that the best strate­gic al­liance is one that will make the brand stronger in its next 50 years,” he added.

The dis­cus­sions with SM comes as Goldilocks ex­plores op­tions to help it bet­ter re­spond to the de­mands of a grow­ing con­sumer base as well as new mar­kets.

For its part, SM In­vest­ments Corp. (SMIC), the hold­ing firm of coun­try’s rich­est man Henry Sy, Sr., on Tues­day said it is hold­ing pre­lim­i­nary dis­cus­sion for a pos­si­ble eq­uity in­vest­ment, joint ven­ture, or other co­op­er­a­tion agree­ment with Goldilocks.

SMIC noted, how­ever, that the deal will still be sub­jected to ap­proval by anti-com­pe­ti­tion watch­dog, Philip­pine Com­pe­ti­tion Com­mis­sion.

Goldilocks started op­er­a­tions in 1966 in Pa­song Tamo, Makati City, and was able to ex­pand over­seas only a decade af­ter its first store was es­tab­lished. The com­pany was able to hit the 400-store mark in 2013.

“We re­as­sure ev­ery­one our in­ter­nal and ex­ter­nal stake­hold­ers, our em­ploy­ees, af­fil­i­ates, busi­ness part­ners and most of all, our loyal cus­tomers that Goldilocks will al­ways be com­mit­ted to the same stan­dards of ex­cel­lence that have made us the coun­try’s num­ber one bakeshop,” Mr. Yee said.

Ear­lier this year, SMIC said it will con­tinue to be on the look­out for part­ner­ships that would com­pli­ment its busi­nesses. The hold­ing firm has core in­ter­ests in prop­erty, re­tail, and bank­ing. —

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