Swiss-Irish baked goods group Aryzta has agreed a deal to sell its La Rousse Foods division to the Musgrave Group for an undisclosed sum.
La Rousse Foods supplies fine foods to restaurants, hotels and catering firms and has offices in Dublin and Belfast.
Musgrave said it intends to operate La Rousse Foods as a standalone brand after the deal is completed.
Aryzta only bought the company in 2015 for a reported price of between €20-30m.
The move to sell La Rousse comes as Aryzta's new chief executive Kevin Toland aims to refocus the company and pay down some of its debts.
"La Rousse Foods is an excellent strategic fit for our business and complements our market-leading foodservice offer," commented Chris Martin, Musgrave CEO.
The deal is subject to approval by the Competition and Consumer Protection Commission.
Musgrave operates the SuperValu, Centra, Daybreak, MarketPlace and Chipmongers brands in Ireland.
