SMIC divests stake in Three Bears Group

MANILA, Philippines — SM Investments Corp. (SMIC), the parent company of the SM group, has divested its 35 percent stake in food retail company Three Bears Group Holdings Corp.

SMIC said the sale was a private transaction undertaken by Goldilocks last year.

The amount as well as other details of the transaction were not disclosed by SMIC.

Established in 2020, Three Bears Group portfolio of brands in the Philippines include Domino’s Pizza and Coolblog.

SMIC effectively owns 64.1 percent in Goldilocks Bakeshop Inc.

It first bought into the company in 2018, acquiring a 34–percent stake, months after an initial attempt to buy into the bakeshop did not push through.

Goldilocks is the largest bakeshop chain in the Philippines with 969 stores and selected operations overseas. It serves customers with best-selling dishes as well as a wide array of baked goods and home cooked food.

After opening 41 stores in 2023, Goldilocks lined up 60 new stores in 2024.

Aligned with the SM Group’s strategy to develop areas outside of the National Capital Region, Goldilocks sees the Visayas and Mindanao as having strong growth potential given that many areas are still unserved or underserved.

SMIC has assured that Goldilocks is committed in staying true to the brand’s core values in the coming years to ensure more delightful experiences for its customers.