Sweetening the Deal
Gordon Liao and Jackie Brooks of Promise Holdings have built a holding company with nearly 20 portfolio companies and over 25 acquisitions completed since its founding in 2015. One of their most memorable companies is Promise Confections, where they’ve spun up a winning recipe for managing a portfolio of confectionary brands. Chosen based on rich history and a loyal consumer base, the partners have revitalized the legacies of Annabelle’s Candy Co., Pearson’s Candy, and Seattle Gourmet Foods (SFG). Having just acquired Edward Marc Brands in Q4 of 2023, they are already making strides in developing new flavors, reimagined products, and exciting collaborations for the brand’s popular line of Snappers Caramel & Pretzel Clusters.
That’s the thing about Gordon and Jackie – once a company is under the Promise Holdings umbrella, the investors are known for dedicating themselves to providing the right tools and resources for the management team to grow the company, innovate products, and create efficiencies all while preserving the brand’s most beloved confections – like the handcrafted Rocky Road candy bar made with Annabelle’s legendary, hand-whipped marshmallows. And, because doing business while having fun is at the core of Promise Holdings’ promise, the duo has championed exciting ideas for their products including a Pearson’s collaboration with Skippy Peanut Butter on their famous Salted Nut Roll and an Edward Marc license with Girl Scout Cookies to create bagged, bite-sized versions of Thin Mints and Caramel Delights.
“When we consider investing in a business, we look at the people and the ideas first and foremost. We want to work with leaders to create long-term value and have fun along the way. That’s exactly what these confectionary brands have been for us,” says Jackie Brooks. “We are grateful to Lucas and the team at Turning Point for their role in our transactions, helping with forecasting, cash planning, and integration. It’s been a successful partnership to date,” adds Gordon Liao.
Through acquisition and scale, the confectionary portfolio at Promise Holdings has grown over 900%, pulling in well over $100 million in annual revenue. With almost 300,000 square feet of total manufacturing and warehouse space, Promise Confections delivers candies and sweets, like Myntz, Snappers, and Dilettante Chocolates nationwide, with distribution at Trader Joe’s, Costco, Target, and other large grocers. Additionally, expansion efforts abroad have created a footprint in Japan, Mexico, and Canada.
“My family is from the Midwest and I grew up on the Pearson’s Nut Goodie. It’s literally my favorite candy on Earth. What they [Promise Holdings] have been doing with these long-standing brands, reinvigorating and innovating them with new products to fit the modern consumer, is brilliant,” reflects Lucas Kartic, President & Managing Partner at Turning Point.
Beyond confections, Gordon and Jackie manage a diverse portfolio of consumer brands from other food companies, to fashion, beauty and entertainment & leisure. Because they believe in making sound, long-term business decisions, they do not have a fixed time horizon for exit. Promise Holdings is committed to helping their partners fulfill their promise – thus far, Gordon and Jackie’s intuition, energy, and passion has allowed them to do just that.
