Yee family ready to take Goldilocks into the next 50 years with SM alliance
Goldilocks Bakeshop is banking on a strategic partnership with the SM Group of Bilyonaryo Henry Sy to continue to prosper and grow for the next 50 years.
Conglomerate SM Investments Corp. early this week disclosed it was holding preliminary discussions for a possible equity investment, joint venture or other cooperation agreement with Goldilocks. The proposed transaction is now pending the approval of the Philippine Competition Commission.
“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,” Goldilocks president Richard Yee said.
The Lorenzo family, who used to own Pancake house, offered to acquire Goldilocks as early as 2002 but during that time the Yees were not ready to give up the famous chain of bakeshops.
Given an intensifying competition in the bakery industry, Goldilocks is looking to enter into alliances to
“We believe that the best strategic alliance is one that will make the brand stronger in its next 50 years,” Yee said.
“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,” Yee said.
Goldilocks operates a total of 579 branches in and outside the Phililpines, 559 of which are located here.