Uren Food Group, which is based in Neston, was founded in 1895 and produces frozen fruits, fruit juices, purees, concentrates, frozen vegetables, honey and nuts which are supplied to food manufacturers around the world.

The deal, led by managing director Ross Stewart, along with directors Julian Wood and Paul Jones, took controlling interest away from the founding family.

The £55m-turnover business was previously owned by five, third-generation family members.

Nigel Barratt, head of Hurst Corporate Finance, advised the shareholders on the sale of their majority stake.

At the time of the deal, he said: "We worked closely with the shareholders at Uren throughout an extremely lengthy and complex process. I am delighted that we managed to secure the right deal for them and the other parties involved.”

Andrew Uren Evans, the company’s outgoing chairman, added: "We turned to Hurst to advise us on the next steps for the family and the business, as we are all getting older and there are no longer any family members working in the business.

"The MBO team provides the business with long-term certainty and we wish Ross and the team well."

Insider news editor David Casey said: "This deal will allow the business to start on a new stage of growth and add the next chapter to its illustrious history.

"This is a business which has been in existence since the reign of Queen Victoria and under the ownership of the same family throughout its lifespan.

"Not every business can stay family-owned forever, and this transaction demonstrates a positive outcome for all concerned."

Barclays provided a £10m funding structure to support the MBO.