Promise Holdings, LLC Partners with the Historic Northeast Ohio Chocolate Company
Cleveland, OH Malley’s candies, the 88-year-old iconic chocolate brand, announced the successful completion of an investment from a Chicago-based, consumer-focused private holdings company. Carleton McKenna & Co, a Cleveland-based investment bank, acted as the exclusive financial representative to Malley’s Candies in its strategic recapitalization with Promise Holdings, LLC.
Malley’s Candies was founded during the height of the Great Depression and continues to provide families and chocolate lovers alike with sweet treats and ice cream combinations to remember. In its third generation of family ownership, Malley’s branded and dedicated retail operations include 19 stores across Northeast, Ohio as well as a modern chocolate-making factory that occupies a five-acre, 60,000 sq. ft. facility.
Mike Malley, Adele Malley (Sis), Dan Malley and Bill Malley Jr. will remain in their operational roles with the business and will remain as Malley’s Candies largest shareholders. “This recapitalization of Malley’s will position us to grow and prosper for the next 88 years,” Mike Malley said.
This recapitalization allows the Malley family to bring in outside expertise and capital to help grow the brand inside and outside of Ohio. Promise Holdings has meaningful operational experience in confection, food manufacturing and retail. Founder Gordon Liao shared that he is excited to be able to work with management to grow such a well-respected brand like Malley’s. This new partnership will bring more of a focus to the company’s e-commerce platform and reach while growing the company’s retail presence.
About Carleton McKenna & Co, LLC
Carleton McKenna & Co is a Midwest-based, independent investment banking firm providing M&A and Capital Advisory services — made up of Malley’s chocolates lovers. We work with middle-market closely-held businesses, multi-generational family businesses, portfolio companies of financial sponsor firms and divisions or subsidiaries of public companies focusing in Specialty Manufacturing & Industrials, Consumer Products, SaaS, Healthcare, B2B Services and Cybersecurity.
About Malley’s Chocolates
Malley’s has been serving customers with a smile since 1935, when Albert “Mike” Malley opened the flagship store in Lakewood, Ohio. Today, Malley’s is a progressive company, proud of its place in the community and the more than eight decades it has been a part of it.
About Promise Holdings, LLC
Headquartered in Chicago, Promise Holdings, LLC is a private company formed to invest in and help operate early- and late-stage businesses, primarily in the dynamic Consumer industry.