The patisserie Paterie Valerie was rescued from administration with a management buyout supported by Causeway Capital, the Financial Times said.
The buyers intend to keep close to 100 stores, depending on negotiations with the landlords. The two other brands Philpotts and Baker & Spice within the Patisserie Holdings group are to be sold separately.
The deal comes a few days after Mike Ashley's Sports Direct has abandoned his bid to buy Patisserie Valerie. He complains of being excluded from the tendering process of the beleaguered café chain.
The Patisserie Valerie rushed into the administration at the end of January, after discussions with banks had not been saved from bankruptcy following an investigation into the long-term fraudulent nature of their accounts.
The Patisserie Valerie was founded in 1926 by Belgian-born Esther van Gyseghem, also known as Madame Valerie. In 2006, venture capitalist and Pizza Express founder, Luke Capital, Risk Capital Partners, acquired a majority stake in the company and built it into an Aim-listed company with a market capitalization of nearly £ 600 million when the alleged fraud was discovered.