UK-based private equity firm Mayfair Equity Partners has acquired a majority stake in bakery company Promise Gluten Free.
Based in Donegal, Ireland, Promise was founded in 2011 by Declan Gallagher, Tom Doyle and Ciaran Lally.
Promise is a group of companies featuring Aran Ard Teoranta and Cuisine Royale Manufacturing. It delivers gluten-free bread to serve those suffering from Celiac disease and gluten sensitivities.
The company’s manufacturing plant situated in Ardara, Co. Donegal, added more than 200 new jobs in the past five years.
The company saw growth both in domestic and international markets including the UK, US and Australia under its retail brands, Promise Gluten Free and PureBred Gluten Free.
Promise stated that the partnership with Mayfair will help them to grow and gain its market share internationally in the US, Australia and Europe.
The company is also planning to develop its physical presence in the US and European markets.
Gallagher said: “Mayfair’s backing will provide us with the ability to increase capacity in new and existing markets, including supporting the growth of our facility.”
Mayfair partner Waqqas Ahmad said: “Our support will help Promise to achieve further growth while developing new and innovative market leading products.”
Promise has also appointed new board members. Robert Leechman who joins the company as chairman is having an experience of 35 years in the consumer goods sector.
Jeff van der Eems, who worked as the former chief executive of United Biscuits, will be joining as a non-executive director.
