Goldilocks owners cool on Lorenzo buyout offer

Despite the strong interest expressed by several parties in their business, the owners of Goldilocks Bakeshop Inc. are not yet ready to give up the company they built over the past 39 years and are, in fact, focusing on further growing it to serve new generations of customers.

Goldilocks issued this statement in response to reports that Pancake House Inc. of the Lorenzo family is interested in acquiring the company given its strong track record and impressive growth through the years.

"A number of companies have paid us a similar compliment, because we have firmly established Goldilocks as a market leader, with a brand name that is deep-rooted in the Filipino’s consciousness. At this point, however, our company continues its remarkable expansion, covering nearly all aspects of our business: production, sales, outlets, franchising, and product offerings," Goldilocks president Freddie Go said.

"Our fondness for the Filipino consumer and our firm commitment to total quality satisfaction remains as strong as ever. Thus, we are certainly going to continue this relationship, intensify the bond, and ingrain the Goldilocks brand to new generations of customers," Go added.

Go said that should the company decide later to enter enter into a strategic partnership, then it will send the word out to prospective companies.

"It is very understandable for any food company to seek entry into the bakeshop industry since the sector has proven to be a dynamic and lucrative one. Likewise, we are flattered that Mr. (Martin) Lorenzo has termed our company as a dream acquisition," Go said.

Goldilocks is the country’s largest bakeshop with a total of 174 outlets across the country and 14 stores in California and one in Canada.

Goldilocks’ aggressive franchising program in 1991 helped jumpstart its expansion. It offers various kinds of cakes and pastries like ensaymada, chicken pie, meringue tart, cinnamon roll, brownies and jellyroll.

Pancake House said it has held exploratory talks with the owners of Goldilocks since 2002 but no agreement has yet been reached between the two parties.

Goldilocks’ closest rival, Red Ribbon, has been acquired by Jollibee Foods Corp. Red Ribbon operates 147 branches nationwide and 16 stores in the United States.

Other key players in the bakeshop business include Merced Bakeshop, The French Baker, Fortune Bakeship, Sugarhouse Inc., Rolling Pin, Gardenia Phils., Delifrance and Julie’s Bakeshop.