The company will launch an all-day neighbourhood café, restaurant and bar at the site of the former Bear Hotel south of the city centre.
Zazu's describes itself as 'following the classic tradition of a French neighbourhood brasserie', serving reasonably priced, local, informal food.
The venue will close for a short refurbishment, re-opening as Zazu’s Kitchen @ The Bear in mid-September.
It will be the third site for the group, which operates two restaurants in Bishopston and Bedminster in Bristol.
Dougal Templeton, a partner in Zazu’s Kitchen, said: “The Bear is at the heart of a great community which is very much what we are about; providing the kind of friendly, fun neighbourhood boozer and restaurant we’d all love to have at the end of our road;- a 21st century brasserie.
"We want locals to enjoy popping in, whether for a great coffee, a glass of wine and chat or a decent bite to eat.”
Specialist property advisors Christie + Co handled the sale.
Nicholas Calfe, of Christie + Co's Bristol office, said: "The Bear attracted offers and interest from private investors, existing operators and corporate pub groups as soon as it came to the market. We’re pleased to see a local Bristol group being the successful purchasers."