Fresh prepared foods manufacturer Bakkavor announced it was selling the first slice of the firm in May last year.
At the time it said the move would allow it to focus on the key markets of the UK, North America and Asia.
It had now received formal notice from Dreamfood that it would exercise its option to acquire the rest of the business, it said in a statement. The transaction is expected to close in the second half of 2015.
Dreamfood is an investment company controlled by Cristian Pederzini, md of Italpizza.
In January 2014, Bakkavor sold its South African prepared fruit business Spring Valley Foods to In2food Group for an undisclosed sum.
Previous sales have included its ready meals operation in the Czech Republic, Heli Food Fresh.