The Evans Group and Hafren Wholesale were sold by administrators from PricewaterhouseCoopers to nff for pounds 2,105,000.
The businesses are based in Aberystwyth and Haverfordwest and make speciality breads, including Ciabatta Herb Sundried Tomato and Cheese Bread, as well as more traditional products, such as doughnouts.
Henry Roberts, chief executive of nff (pictured), said the two businesses had been overcapitalised but were fundamentally sound. They had a turnover of pounds 8.4m last year. nff sells to both the large retail chains and to corner shops.