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Malley's Chocolates enters 'recapitalization' agreement with Chicago-based Promise Holdings LLC

The Malley family says the agreement will allow the company 'to bring in outside expertise and capital' to help grow the brand inside and outside of Ohio.'

LAKEWOOD, Ohio — Malley's Chocolates has been a Cleveland institution for 88 years. The company hopes to continue its legacy of success thanks to a "recapitalization" agreement with Chicago-based Promise Holdings LLC.

In an email to 3News, Malley's President Mike Malley says his family "will remain actively involved" in company operations, adding that the move will position the company for future growth. In addition to maintaining their operating roles with the business, the Malley family will remain the company's largest shareholders.

Amid the announcement, Mike Malley says the company's Brookpark Road kitchen is busy preparing for Valentine's Day, adding that all 19 of its Northeast Ohio retail shops and its website are "well stocked" with the treats that Clevelanders have loved for generations.

Malley also told 3News that all of the company's associates will remain in their current positions, noting that they are also currently hiring.

"The Malleys believe this (recapitalization) is an important step to make sure future generations of Clevelanders—and beyond Cleveland-- can continue to enjoy Malley’s Chocolates," Mike Malley stated.

On its website, Promise Holdings LLC describes itself as "a private holding company formed to invest in and help operate early and late stage businesses, primarily in the dynamic Consumer industry." The company adds that it "acquires older, 75+ year-old companies." Among its holdings is Hickory Farms, which first began in Toledo in 1951.

The Malley family believes that the agreement with Promise Holdings allows it to bring in "outside expertise and capital to help grow the brand inside and outside of Ohio." They add that the partnership will "bring more of a focus to the company's ecommerce platform and reach, while growing the company's retail presence."

"This recapitalization of Malley's will position us to grow and prosper for the next 88 years," Mike Malley added. 

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