Sandwich and coffee shop chain Eat has been bought by private equity firm Lyceum Capital.
The deal, which retains the shareholding of founders Niall and Faith MacArthur, is set to see the chain triple outlets in the UK to more than 300 - and an overseas expansion is being considered.
Previous backers Penta Capital put Eat up for sale in early 2010. Among those thought to have had a look at the business are Waitrose.
Lyceum Capital has now bought a stake in excess of a 50% in the business, which is rumoured to be valued at £65m overall. Penta is thought to have held a stake of around 45% alongside the husband and wife founders.
The first Eat opened in 1996 close to London's Trafalgar Square and it now has 110 stores.
Niall and Faith MacArthur will keep their existing roles of managing director and brand director, and retain a stake thought to be in excess of 40%.
Niall said: "This deal marks the next major stage in Eat's development and will be the catalyst for an expansion programme that will see us extend our reach throughout the UK.
"We are as enthusiastic now as we were on day one. We want to grow the business to a really exciting national brand.
"We think the Eat brand is immensely portable and will function anywhere where people value good service and quality food. We have had expressions of interest from most corners of the world."
Lyceum said it would "accelerate" openings in the UK, adding a further 100 outlets over the next four years.
It said that the UK market could support "well over 300 branches". Eat sales rose to £85m in 2010 compared to £68m in 2008.
On trading during the recession, Niall said: "Sales have not dipped. They are significantly higher than they have been over the last couple of years."
