Lion Capital, who owns Young's Seafood, acquired the companies after rising raw material costs and reduction in activity led to their administration.
Robert Hebenton, Tony Underwood and Ian Green have now been appointed as joint administrators of Cumbrian Seafood Ltd and Boarder Laird Ltd.
The acquisition now secures the future of both companies operations and job security as, between them, they nearly employ over 500 people .
Sean Hamilton, director at PwC in Newcastle said: "The sale means that it remains business as usual for customers and staff. I'm delighted that we have been able to secure a sale of the business, enable the transfer of all employees and preserve the continuity of supply to customers in the run up to Christmas."
Peter Vassallo, Chief Executive of Cumbrian Seafoods, added: " Whilst I recognise that it is a difficult time for all concerned, this transaction is in the best interest of our employees and customers."
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