Cedenco Foods has been sold as a going concern to Japanese food group Imanka Ltd.
The Auckland-based company, which has processing factories in Gisborne and Hawke's Bay, was put into receivership by its banker ANZ in 2009.
The prospective owners say they will continue to operate the vegetable processing company in both regions.
Imanaka has been associated with Cedenco for 15 years, and has operations in Australia, Singapore, Thailand, China and Japan.
The sale is subject to approval from the Overseas Investment Office.