Ireland-based baker Promise Gluten Free and its private-equity owners Mayfair Equity Partners are considering selling the company. The potential sale would be managed by investment bank Lincoln International.
Both Promise Gluten Free and Mayfair Equity Partners declined to comment on the matter.
Mayfair Equity Partners acquired an undisclosed majority stake in Promise Gluten Free in 2017. Patrick O’Sullivan, CEO of Promise Gluten Free, mentioned that the company aims to exceed €60m ($65.6m) in sales, with a strong focus on expanding into the US market.
While Ireland, the UK, and Canada are the company’s main markets, Promise Gluten Free plans to expand further into the US, Sweden, the Nordic countries, and Spain. O’Sullivan stated, “If we could replicate 50% in the US, we would have huge success.”
Promise Gluten Free is known for its branded bakery business and Gallaghers Bakehouse sourdough brand. The company’s products are available in various retailers such as Sainsbury’s, Tesco, and Morrisons. O’Sullivan led a strategic shift upon joining, exiting private-label and foodservice channels, and focusing on retail.
The company’s second manufacturing facility in Scranton, Pennsylvania, is set to transition from producing confectionery products to bakery lines, serving as a manufacturing hub for North America.
In conclusion, Promise Gluten Free’s exploration of a potential sale indicates a strategic shift towards expanding its market presence and increasing sales revenue. By leveraging its branded bakery products and focusing on key retail partnerships, the company aims to solidify its position in the gluten-free market. This strategic direction aligns with the company’s goal of surpassing €60m in sales and expanding into new territories.
