The company, which includes Hovis, Bird’s Custard, Oxo and Bisto among its major brands, said Warburg Pincus would be a “long term, engaged investor”.

Warburg Pincus will have the right to a seat on the board. It could follow up its £64m investment with further share purchases.

Premier had net debts of £1.77bn at the end of 2008 and will use the cash to pay off some loans and restructure its borrowings. It has also extended banking facilities until December, 2013, to provide more financial headroom.

Shares in Premier rose by 18% as investors welcomed the moves to boost its balance sheet.