West Los Angeles private equity firm Gores Group announced Tuesday that it had finalized a joint venture with British food manufacturer Premier Foods to control Hovis, Premier’s branded line of bread and flour.

Gores will pay £30 million, about $50.5 million, for a 51 percent stake in Hovis, a brand founded in 1884. Half of the payment will be deferred and contingent on future performance of the company. Gores and Premier have also agreed to invest up to £45 million, $76 million, in Hovis, subject to certain conditions.

“I’m delighted that we’ve found a strong partner in the Gores Group who will help provide the investment necessary to develop the bread business,” Gavin Darby, chief executive of Premier Foods, said in a press release.

Gores Group was founded in 1987 by Alec Gores, who was No. 22 on the Business Journal’s most recent list of Wealthiest Angelenos with an estimated net worth of $2.65 billion. The firm manages about $3.6 billion in assets and has offices in Los Angeles, Boulder, Colo., and London. It is moving to new headquarters in Beverly Hills next month.