Irish bakery businesses Pat the Baker and Irish Pride are to come under new ownership in the shape of London investment firm Mayfair Equity Partners.

The deal, for an undisclosed sum, has been done through Ceres Group, Mayfair’s holding company for its baked good businesses portfolio. The businesses have been acquired from owner Azeda Unlimited Company.

All parties declined to comment but the deal was confirmed on a filing on Ireland’s Competition and Consumer Protection Commission (CPCC) site.

Co. Longford-based breadmaker Pat the Baker and Dublin peer Irish Pride are well-known brands in Ireland. They will join a Ceres portfolio that already includes Irish bakery businesses Promise Gluten Free and Gallaghers Bakehouse and US-based Rudi’s Bakery and Three Bakers.

Sources close to the matter told Just Food that post-deal Pat the Baker and Irish Pride will enter into a manufacturing agreement with Ceres’ existing Irish baking businesses to help solve manufacturing constraints and meet growing customer demand.

“Pat the Baker and Irish Pride will provide much-needed production capacity for the fast-growing Gallaghers Bakehouse premium artisanal bakery,” the sources said.

They said each company will retain existing management teams, operational independence and distinct brands under Ceres.

Last March, Mayfair Equity Partners was reported to be mulling a sale of Promise Gluten Free.