Private equity group EQT, a third owned by Swedish holding company Investor AB, said today it was buying 65 percent of Qinyuan Bakery, a leading bakery chain in southwest China, for an undisclosed sum, reported Reuters.

EQT said its Greater China fund would, over a two-year period and subject to certain conditions, acquire the stake while the founding entrepreneurs would retain 35 percent.

As of November, Qinyuan had 223 stores, four bakery plants and 2,100 employees across four markets with more than 35 million accesible consumers.

"Qinyuan is a leading and trusted Chinese bakery brand in a fast-growing industry and this fits well into EQT Greater China's investment strategy," EQT said.