Symington's, owner of the licences to the Ainsley Harriott and Crosse & Blackwell brands, is planning to expand its ranges and double turnover following a management buy-in this week.
Led by ex-Arla Foods and Grampian Country Foods boss David Salkeld, the team has put together a business plan designed to double sales to £100m in three to five years.
It would achieve this through "easy wins" from the Ainsley Harriott and Crosse & Blackwell lines, as well as its own Symington's brand, the company said.
The 16-product Symington's soup range was recently listed in Asda and Tesco.
"As a brand it has huge potential," said Salkeld. "We'll be looking at expanding into adjacent categories in ambient."
The business would look to bring further brands to market under licence or through endorsements, he said.
Salkeld becomes chief executive of the Yorkshire-based company.
Joint managing directors Tim Robertshaw and Andy Micklethwaite step down from their roles but will remain as consultants for two years.
Henrik Nygaard Pade, a former business development director at Arla Foods, will become marketing director. Current operations director Stuart Nicholson and sales director Tim North remain on the company board.
Funding for the reported £40m deal was provided by Hermes Private Equity and Yorkshire Bank.