After being placed into receivership late last year, Waterwheel Industries has been sold to Australian food manufacturer, Green's General Foods.
Green's manufactures a range of products including Green's Cakes, Lowan Muesli and Oats, Poppin Popcorn and Basco Gluten Free products, while Waterwheel Industries manufactures baked snack products including Waterthins, Waterwheel and Roccas brands.
According to Jim Sarantinos, Waterwheel receiver and partner at Ferrier Hodgon, the sale generated a lot of interest.
"With the cooperation of the key customers, suppliers and employees we were able to continue to trade the Waterwheel business while a sale was completed.
"This sale is a positive outcome for all stakeholders of the Waterwheel business."
Shane Noble, executive chairman of Green’s, said "We are delighted with our acquisition of Waterwheel as it is complementary to our existing portfolio of brands and we look forward to unlocking its potential."
The sale ensures employment for the majority of staff at Waterwheel, part of the Gourmet Food Group which was placed into receivership at the end of November 2012.
The sale process for the rest of the Group, which includes the Rosella and Pitango brands, is continuing.