Private equity houses BC Partners and Oak Hill Capital were reportedly ready to make final bids for Hearthside last week, but the team of Goldman and Vestar in the final stage of an agreement with owner Wind Point Partners according to Reuters.
Wind Point is selling the business, the largest privately-held independent bakery in the US, after a five-year holding period.
It completed a $400m recapitalisation of the company in the summer of 2012.
Earlier this year UK foods group Premier Foods agreed to sell a controlling interest in its baking business Hovis to private equity firm The Gores Group for £30m.
The deal valued the company at £87.5m including £28.7m of working capital that will be retained by Premier Foods.
In addition, Premier and Gores agreed to provide £45m of loan notes to the company.
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