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. — Arra B. Francia