By Inside Retail Asia
SM Investments has sold its 35% stake in Three Bears Group to focus on growing Goldilocks Bakeshop.
Established in 2020, Three Bears Group is a private equity-backed holding company of food retail franchises in the Philippines. Its portfolio includes Domino’s Pizza and the Coolblog tea chain.
Founded in 1966, Goldilocks is known for its range of baked goods and ready-to-eat meals. The company has been majority-owned by SM Investments (64.1%) since 2018.
Under SM’s ownership, Goldilocks has expanded from around 600 stores to 969 outlets by the end of last year. The company also owns a controlling stake in Brownies Unlimited.
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