Bain Capital will buy UK-based food service company Brakes from private equity firm Clayton, Dubilier & Rice, the companies said on Friday.

They did not specify the purchase price, but a source familiar with the transaction said the price was 1.4 billion pounds ($2.8 billion).

CD&R bought Brakes in 2002 for about 430 million pounds.

New York-based CD&R said in a statement that since it acquired the company, Brakes' revenue had grown by 14 percent and its operating profit by nearly 70 percent.

Investment banks JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) and Deutsche Bank advised CD&R on the deal.

Brakes supplies food to the catering industry in the UK and France and has annual revenue of more than 1.6 billion pounds. It says it distributes more than 15,000 products, including Brake-branded and other manufacturers' products, to 150,000 outlets.

(Reporting by Michael Flaherty in New York and Sudip Kar-Gupta in Paris