Goldilocks seeks formidable alliance

Richard Yee

The country’s leading bakeshop chain Goldilocks Bakehop Inc., now in the thick of discussions on a buy-in deal with the country’s largest conglomerate SM Investments Corp., aims to establish an alliance that will strengthen the 51-year-old food brand here and abroad.

The bakeshop chain operates a total network of 579 branches in the Philippines and abroad, based on latest store count provided by Goldilocks.

“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,” Goldilocks president Richard Yee said in a press statement.

“Over the years, several groups have been interested and as of now, we have narrowed the list down,” Yee added.

Yee said his company was not in a position to share details of ongoing discussions with the SM group.

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

“Goldilocks will explore all means to respond effectively to the demands of an ever-growing consumer base and to new markets,” he said.

Of Goldilocks’ 579 store network, 559 are located in the Philippines. Of the overseas stores, 12 are located in the US, two in Canada and six in Thailand.

“We assure 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,” Yee said.

SM’s potential entry as a strategic investor in Goldilocks is pending clearance from the Philippine Competition Commission, the country’s anti-trust body which is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure that these deals will not prejudice the interest of the consumers. The PCC is mandated to review deals valued at P1 billion or above.

Based on the latest financial statement submitted by Goldilocks to the Securities and Exchange Commission, net sales amounted to P7.86 billion as of 2015 compared to P6.85 billion in the previous year. Net profit attributable to equity holders of parent firm stood at P225.07 million compared to a restated net profit of P947,267 in 2014. The fast-food chain had P2.89 billion in total assets as of 2015.