Northern Ireland-based independent bakery company Evron Foods has reportedly sold its majority stake to Bama Companies.

Financial details of the deal have not been disclosed by both the companies.

Evron Foods produces frozen and chilled bakery products for retailers, foodservice and manufacturing customers located in the UK, Ireland, Europe, the US, and the Middle East.

The company currently operates two production facilities located in Craigavon, Northern Ireland, and Pontypool in Wales, which are equipped with new lines to produce large volumes of unbaked, part-baked and added value bread.

With the latest investment from Bama, Evron intends to build a production facility and innovation centre in Craigavon.

The facility is expected to create 50 employment opportunities.

With an annual turnover of £49m ($62m), the company currently has a workforce of 360 employees.

Established in 1927, US-based Bama is engaged in the production of biscuits, handheld pies, buns, pie shells, and pizza crusts, which are distributed in various markets across the globe.

Bama Companies chief executive Paula Marshall said: “We are delighted to make this strategic investment in Evron Foods Group.

“Working with the existing management team we have ambitious plans for the continued success of the company including expansion of the customer base, product range and manufacturing facilities in Craigavon and Pontypool.”