Australian bakery group Brumby's Bakeries Holdings has been sold to Trans-Tasman fast food firm Retail Food Group (RFG).

The sale of Brumby's follows a battle between RFG and a group of Brumby's managers for control of the company.

Three Brumby's executives - director Marcus Barlow, CEO and managing director Michael Sherlock and company secretary Steve Brown - had been looking to buy the company.

However, earlier this week, the three men gave their backing to a renewed bid from RFG, which values Brumby's at A$45.8m (US$37.8m).

Sherlock said: "We are pleased that recent events have now brought certainty not only for Brumby's and its shareholders, but also our Brumby's franchisees and master franchisees".

"The fact that RFG have continued to pursue Brumby's in the face of BBS's earlier offers no doubt reflects the high regard it has for the Brumby's business. I consider this to bode well for the future of Brumby's and we therefore have no qualms in fully supporting RFG's bid."

Brumby's is a leading Australian retail food brand manager and franchisor.