Based on its annual report, SM divested its 35-percent stake in Three Bears Group Holdings last year.
Three Bears, which is also backed by private equity firms, operates the Domino’s Pizza chain, a beloved US franchise founded in the 1960s, and Malaysia-based Coolblog milk tea in the Philippines.
It was established in 2020 and aims to be a “major presence in the Philippines' vibrant [food and beverage] scene”, its social media profile showed.
SM also indicated in the filing that it managed to recover part of its losses after the sale of Three Bears, which first appeared in its financial reports in 2021.
SM to focus on Goldilocks
SM Investments president and CEO Frederic C. DyBuncio said the decision was part of efforts to streamline their portfolio and concentrate on core food brands.
“We wanted to focus on Goldilocks,” he told InsiderPH.
SM Investments owns 64 percent of Goldilocks Bakeshop, one of the country’s most iconic bakery chains with a history spanning nearly six decades.
Goldilocks also owns a majority stake (64.1 percent) in Brownies Unlimited, another popular dessert store.
Goldilocks nears 1,000-store mark
SM first acquired a stake in Goldilocks in 2018, supercharging the bakery chain’s growth.
From around 600 branches at the time of acquisition, it expanded to 969 stores by the end of 2024. In the past year, it opened over 40 new outlets.
The chain has earned strong customer loyalty through its wide array of baked goods and hot meals.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
