The Competition and Consumer Protection Commission (CCPC) has approved the proposed acquisition of the company that owns the Pat The Baker and Irish Pride brands.

The transaction involves Mayfair Equity Partners LLP, through Ceres Midco 2 Limited, taking sole control of Azeda Unlimited Company.

Mayfair is a private equity firm, headquartered in London which controls a number of portfolio companies in the State, including Irish bakery supplier, Promise Gluten Free.

Azeda Unlimited Company is the ultimate parent company of the Pat the Baker and Irish Pride brands, according to the CCPC.

The deal, for an undisclosed sum, was notified to the competition watchdog in December.

Both Pat the Baker and Irish Pride are well-known brands in the bakery aisle for Irish consumers.

The story of Pat the Baker began in 1953 when Mayo native Pat Higgins established a small bakery at the back of his home in Granard, Co. Longford.

Pat the Baker is now among the country’s top bread companies supplying a range of products to shops across the entire island.

The brand has distribution centres in Dublin, Cork, Limerick, Kilkenny, Donegal, Kerry, Galway, and Armagh.

Back in 2015, Pat the Baker bought rival bakery Irish Pride which was then in receivership.

Irish Pride operates a large modern bakery in Taghmon, Co. Wexford and has one of the largest fresh distribution networks in the country.

The company has 23 depots located across the country and a team of 170 van sales distributors who make over 2,000 deliveries daily to stores.

Following the completion of its preliminary investigation (Phase 1) of the proposed acquisition, CCPC has confirmed on its website that it has now cleared the merger.