Bakkavor has sold its remaining 60% stake in Italpizza to Dreamfood, an investment company controlled by Italpizza’s MD Cristian Pederzini.
The sale of remaining stake in the business follows its initial sale of 40% to Dreamfood in May 2014.
At the time of the deal last year Dreamfood was granted a three year option to purchase the remaining 60%.
Bakkavor bought the fresh and frozen pizza supplier back in 2008 and at the time it represented its first major step into the frozen foods category.
Bakkavor CEO Agust Gudmundsson said today: “The completion of this sale marks another important step for Bakkavor as we continue to focus on our core growth markets in the UK, US and Asia.
“This transaction also represents a great development opportunity for the Italpizza business as the company moves forward under the new ownership of Dreamfood.”
The terms of the deal were undisclosed.