Brake Bros has agreed to sell its business to US-based equity firm Clayton Dubilier & Rice for £433.7m.

The sale comes after the foodservice supplierÂ’s strategic review of its business which was prompted by the forthcoming retirement of chairman Frank Brake, whose family controls around 58% of the share capital.

Brake said: "I am delighted that we have been able to secure this offer, which represents a successful conclusion to our strategic review announced in March.

"We believe the offer provides excellent value for Brake BrosÂ’ shareholders and are confident in the future of the business and its employees under the stewardship of CD&R."