The private equity company that owned Brakes has sold the business to another private equity company for a sum believed to worth up to pound;1.4bn.
Clayton Dubulier Rice put Brakes on the market in March and has agreed to sell it to US-based Bain Capital. The deal is expected to be completed within two months subject to regulatory approval.
“I am delighted Bain Capital has chosen to invest in the future of Brakes,” said Brakes group chief executive Frank McKay. “Working together I am confident we will have an excellent partnership for the future. We do not expect any significant changes to our strategy which we are confident will enable us to achieve significant growth over coming years.”
Bain has invested in a range of food businesses over the years, including Burger King, which in the UK has a supply contract with Brakes’ closest competitor 3663.