Irish free-from bakery supplier Promise Gluten Free has sold its majority stake to private equity firm Mayfair Equity Partners.
Promise’s products including sliced bread, rolls and cakes that are available across the UK, the US and Australia. The business supplies a mix of branded and private-labelled lines to retailers including Costco, Marks & Spencer, Tesco, Sainsbury’s, Spar and Woolworths.
The deal will enable Promise to accelerate its international expansion strategy in the US, across Europe and Australia. Plans are also in place to further develop Promise’s presence in the US and European market to meet demand.
Promise, a group of companies comprising Aran Ard Teoranta (trading as Gallagher’s Bakery) and Cuisine Royale Manufacturing, has grown domestically and internationally in markets including the UK, US and Australia under retail brand Promise Gluten Free.
Declan Gallagher, founder of Promise Gluten Free, said the company had found a partner with a proven track record in its sector that would help it achieve success, and match its entrepreneurial spirit.
“Mayfair’s backing will provide us with the ability to increase capacity in new and existing markets, including supporting the growth of our facility,” Gallagher said. “We look forward to benefiting from their sector expertise and insight as we enter this exciting new chapter of growth.”