As part of the deal, the Scottish company buys CCL's brand portfolio, which includes Peppadew, Simply Delicious, Olivaise, Mary Berry and Pizza Express dressings, plus its own label operations.
Colchester-based CCL will operate as a wholly-owned subsidiary of Baxters but will continue to be managed by the current CCL management team.
Baxters chief executive Audrey Baxter said that CCL's brands complemented those of Baxters.
Last month Baxters took over the contract to produce Weight Watchers' new chilled ready meals range after it bought previous supplier Smmart out of liquidation and Baxter would not rule out further acquisitions.
She said the addition of CCL's £9m business would help Baxters achieve its target of becoming a £100m business within two years it currently stands at £73m.