SM Investments exits Three Bears to focus on Goldilocks

Goldilocks cake — Goldilocks has expanded from around 600 stores to 969 outlets by the end of last year. (Source: Goldilocks)

By Kaycee Enerva April 23, 2025

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SM Investments has sold its 35 per cent 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 per cent) 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.

SM Investments’ annual report last year showed that selling its stakes in Three Bears and Premium Leisure Corp helped it recover US$1.48 million (PHP84 million).

“We wanted to focus on Goldilocks,” Frederic DyBuncio, SM Investments president and CEO, told InsiderPH, citing portfolio streamlining as the primary reason for the move.