The French meat processor at the heart of last year’s horsemeat scandal has been sold.

La Lauragaise – previously known as Spanghero – has been acquired by Paris-based CA Holding, according to French media reports. The sale was approved by a French court this week.

Spanghero became embroiled in the horsemeat affair last February, when it was accused of having passed off horsemeat as beef. French consumer affairs minister Benoit Hamon said at the time there were “strong suspicions” the company had profited to the tune of €550,000 from selling horsemeat as beef.

Spanghero always denied knowingly selling horsemeat as beef.

The company lost much of its customer base in the wake of the scandal, and was relaunched by its erstwhile founder, Laurent Spanghero, under the name La Lauragaise in July 2013. However, the new business continued to struggle, and was forced to seek court protection in June 2014 in order to avoid bankruptcy.

According to French reports, the company’s purchase by CA Holding – which owns Brittany-based food processor Loste-Tradi – will take effect on 1 August and safeguard 95 jobs; nine roles will be lost.

Spanghero was quoted in French media as being “totally satisfied” with the sale.

CA Holding declined to comment.