Foodservice giant Brakes is set to pass from one private equity firm to another after its owner Clayton, Dubilier & Rice agreed to sell it to US-based Bain Capital.

The deal, understood to be worth up to £1.4bn, is due to be completed within two months subject to regulatory approval.

Bain Capital is understood to have beaten off four other private equity bidders and US foodservice operator Sysco. The current management is expected to remain in place.

"I am delighted Bain Capital has chosen to invest in the future of Brakes," said Brakes 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 significant growth over coming years."

CDR originally bought Brakes in 2003 for £434m. Last year Brakes recorded a turnover of £1.63bn with pre-tax profit of £50.6m.