Promise Gluten Free, an Irish bakery supplier specialising in gluten-free products, has sold a majority stake in its business to UK private-equity firm Mayfair Equity Partners for an undisclosed sum.
Based in Donegal and founded in 2011, Promise Gluten Free is a group of companies comprising Aran Ard Teoranta (trading as Gallagher’s Bakery) and Cuisine Royale Manufacturing.
It has experienced rapid growth domestically in Ireland and internationally in markets including the UK, US and Australia under its retail brands Promise Gluten Free and PureBred Gluten Free.
The company’s products are available at retailers including Tesco and Sainsbury’s, as well as Woolworths, Australia’s largest grocer. It is anticipated Mayfair’s support will enable the company to accelerate its international expansion strategy in the US, Europe and Australia.
Following the Mayfair deal, Promise Gluten Free has announced the immediate appointment of new members of the board. Robert Leechman will be joining as chairman. He brings more 35 years of experience in the consumer goods sector, including more than eight years at Mars and 20 years at The Coca-Cola Company, where he was most recently chief customer and commercial officer.
Meanwhile, Jeff van der Eems, the former chief executive of United Biscuits, will be joining as a non-executive director.
Declan Gallagher of Promise Gluten Free, said: “In Mayfair we have found a partner with a proven track record in our sector that will not only help us achieve success, but also matches our entrepreneurial spirit.”
Mayfair managing partner Daniel Sasaki added: “Promise is attracting international attention as it continues to build sales momentum as an innovator in the sector. We see the same potential for exceptional growth in Promise that we identified in our previous highly successful investment with Fever Tree.”