BGH Capital has sold its stake in Melbourne-based Laurent Bakery Group to French bakery giant Bridor for a figure that is said to place the business’s value at around $650 million.

According to the Australian Financial Review, Bridor agreed on terms to acquire Laurent Bakery in late December, and the transaction was completed last week.

Founded in the 1990s by Laurent Boillon, Laurent Bakery offers French-inspired cakes, bread and pastries at 15 retail stores in Melbourne. It also supplies more than 1000 supermarkets in Australia, New Zealand and Singapore with artisan breads.

BGH Capital bought the controlling stake in the company for an undisclosed amount in 2021. However, the divestment is understood to have served up a three-times return for BHG, according to the AFR.

Bridor is owned by Group LeDuff, a French restaurant conglomerate with more than 1310 restaurants and bakeries in Europe and the Americas.