UK-based McCambridge has sold its private-label cake division to private equity firm NBGI Private Equity.
Currently, the cake division has a workforce of 637 at its bakeries across Manchester, Bradford, Blackburn and Salisbury. The division also has 259 employees working at its manufacturing site in Poland.
Although the company did not disclose the financial details of the transaction, it noted that there will be no redundancies as a result of the deal, reported bakeryinfo.co.uk.
McCambridge Group chairman Simon Webber said that the approaches from potential buyers and a strategic review led the company to determine that the division would benefit if it is divested.
McCambridge will now focus on its malt loaf and fruit loaf brand Soreen, and its McCambridge bakery business which produces soda bread in Ireland.