DONEGAL, IRELAND — Mayfair Equity Partners has acquired a majority stake in Promise Gluten Free, whose parent company Promise, includes the group of companies Aran Ard Teoranta and Cuisine Royale Manufacturing Ltd. The maker of gluten-free sliced bread, buns, rolls, cakes, muffins and snack bars has experienced rapid growth both domestically and internationally in the United Kingdom, the United States and Australia under its retail brands Promise Gluten Free and PureBred Gluten Free.
Mayfair said its investment will allow Promise to expand in the United States, Europe and Australia at a faster rate. Plans are also in the works to further develop the company’s physical presence in the U.S. and European markets.
|Daniel Sasaki, managing partner of Mayfair Equity Partners|
“Promise is attracting international attention as it continues to build sales momentum as an innovator in the sector,” said Daniel Sasaki, managing partner, Mayfair. Waqqas Ahmad, another Mayfair partner, also expressed his enthusiasm for the investment.
“Our support will help Promise to achieve further growth while developing new and innovative market-leading products,” he said. “This is an exciting time for Promise and we are looking forward to working with such a highly-regarded team in the next phase of the company’s development.”
In addition to the investment, Promise also announced the appointment of Robert Leechman as chairman of the board. Mr. Leechman has more than 35 years of experience in the consumer goods sector, including 20 years at Coca-Cola Co., Atlanta, and eight years at Mars, McLean, Va. Jeff van der Eems, formerly chief executive officer of United Biscuits, London, also is joining Promise as non-executive director.