Ole & Steen, which runs 67 bakeries in Denmark under the Lagkagehuset brand, has been sold to private equity fund Nordic Capital.
The group opened its first international restaurant at London’s St James’s Market development in 2016 and has since expanded to Richmond.
The brand, which takes its name from its founding bakers Ole Kristoffersen and Steen Skallebæks, serves Scandinavian pastries such as cinnamon snegl (pastry swirls), christianshavner cake (a hazelnut base topped with mouse and fresh fruit), baguettes and salads.
Ole & Steen will employ 200 people in London by the end of the year following the launch of two further restaurants in Victoria and Canary Wharf in July.
Nordic Capital believes the success of the UK stores shows the brand is scalable and is planning broader expansion.
“We have amazing employees and products and expect continued high growth in the coming years," says Jesper Friis, CEO of Lagkagehuset.
The exact value of the company’s sale has not been disclosed, but Danish newspaper Børsen has reported that the deal is expected to be worth at least one billion Danish kroner (£118m).