The founders of the West Cornwall Pasty Company (WCPCo) have sold the business for more than £30m.
The pasty business, which was set up by Ken Cocking and his sons Gavin and Arron in 1998, was sold to Gresham Private Equity.
The firm, which is based in Porthleven, operates from 55 sites, including 34 shops and 18 station kiosks.
Gresham said the deal should enable it to grow the business, which already has 50 new outlets in the pipeline.
Gavin Cocking said: "We knew that when we launched WCPCo in 1998 that there was a huge opportunity in the out-of-home eating market to bring the Cornish pasty to the rest of the UK.
"We have enjoyed a fantastic period of success and expansion over the last nine years but we always saw this as a 10-year plan."