Sausage-maker Hellers is to be sold to an Australian private equity firm.
The proposed sale to Adamantem Capital is subject to Overseas Investment Office and Australia's Foreign Investment Review Board approval.
AFR reports the deal is said to be worth A$200 million.
Hellers chief executive John McWhirter said the deal would enable the Kiwi butcher to accelerate its growth.
All going well, Hellers founder Todd Heller will remain a shareholder in the company once it is sold. As well as sausages, the company makes cold-cuts and soup.
"We are delighted at the prospect of having Adamantem Capital on board as our new majority owner," McWhirter said.
"Adamantem brings a wealth of knowledge, which will help us to scale-up, continue to invest in innovative new products and add further value to our customers."
Heller opened the first butchery in the Christchurch suburb of New Brighton in 1985. The company now distributes a range of meats to major supermarkets.
Heller said he was proud of the growth the company had achieved in the past 33 years, bolstered by capital investment partner Rangatira Investments.
"It has been a wonderful and successful relationship with Rangatira, which has been marked by many milestones from our Auckland factory built in 2005 through to a world-class production facility established in Kaiapoi in 2011," he said.
"Rangatira was pivotal in our growth including acquisitions such as Hutton's Kiwi, Santa Rosa poultry, Gramart sauces and Walsh's meats."
Adamantem Capital managing director Angus Stuart said the private equity firm was excited to work with Hellers.
"Hellers is an iconic business with a strong market position and excellent reputation as a premier smallgoods manufacturer of sausage, bacon and ham products across New Zealand and Australia. We look forward to working with Todd, John and the entire Hellers team to help expand the business into new categories and new markets."