Kerry Group has reportedly sold its Australian bakery business to Pacific Equity Partners for around A$250m (US$193m). 

Kerry Pinnacle manufactures baking products including doughnut, cake and muffin mixes, flavours and fondants, under the Pinnacle brand. According to the company's website, the baking goods are sold to 3,500 customers throughout Australia, including the country's two largest supermarkets Woolworths plc and Coles. 

Sydney-based private equity firm Pacific Equity Partners has a track record of food investments. In 2014, Pacific Equity Partners sold Peters Ice Cream to R&R Ice Cream. It also disposed of New Zealand snack maker Griffin's Foods to Philippines-based Universal Robina Corp. last year. 

Representatives for Pacific Equity Partners and Kerry were unavailable for comment at time of press. Reuters report cited an unnamed source but added Pacific Equity Partners had confirmed the transaction.