CLEVELAND (WJW) – Malley’s Chocolates announced Wednesday that the company has a new out-of-state investor.

President Mike Malley said the investment for the 88-year-old Lakewood-based company was led by Chicago-based Promise Holdings LLC, with participation from a group of Cleveland-based investors, “both of which have great admiration and respect for the Malley family’s leadership and legacy,” a press release from Malley’s Chocolates said.

Mike Malley, Adele Malley, Dan Malley and Bill Malley Jr. will remain in their operational roles with the business and will also remain as Malley’s Chocolates‘ largest shareholders, according to the release.

“This recapitalization of Malley’s will position us to grow and prosper for the next 88 years,” Mike Malley said. 

This investment allows the Malley family to bring in outside expertise and capital to help grow the brand inside and outside Ohio, the release said.

Promise Holdings LLC has operational experience in confection, food manufacturing and retail. Founder Gordon Liao said he is excited to be able to work with management to grow such a well-respected brand like Malley’s, according to the release.

This new partnership will bring more focus to the company’s e-commerce platform and reach while growing the company’s retail presence, the release said.