Phoenix, which manufactures dry power products, was jointly owned by David Manning and Andrew Ducker and the Leeds-based private equity investor Endless.
Mike Kirby, md of Speciality Powders, which is based at Knaresborough in North Yorkshire, was not prepared to disclose how much he paid for the business.
He said: “Phoenix Foods produces dry powder products such as hot chocolate and custard, which is very similar to the type of products we produce at our plants in Yorkshire and in the Netherlands, so there are good synergies between the businesses.
“I expect Phoenix to be an engine for growth. We will also benefit because it is much closer to the end customers. A lot of our existing business is contract manufacturing for brands.
He said the business, which has a workforce of 100, would remain in Corby, and he added: “I hope it will continue on the growth trajectory that was established by Manning and Ducker.”