Understanding the mechanisms of gene transcriptional regulation through analysis of high-throughput postgenomic data is one of the central problems of computational systems biology. Various approaches have been proposed, but most of them fail to address at least one of the following objectives: (1) allow for the fact that transcription factors are potentially subject to post-transcriptional regulation; (2) allow for the fact that transcription factors co-operate as a functional complex in regulating gene expression, and (3) provide a model and a learning algorithm with manageable computational complexity. The objective of the present study is to propose and test a method that addresses these three issues. The model we employ is a mixture of factor analyzers, in which the latent variables correspond to different transcription factors, grouped into complexes or modules. We pursue inference in a Bayesian framework, using the Variational Bayesian Expectation Maximization (VBEM) algorithm for approximate inference of the posterior distributions of the model parameters, and estimation of a lower bound on the marginal likelihood for model selection.