Bakkavör Group has completed the sale of its remaining pizza business to Dreamfood.

The fresh foods manufacturer said it had now sold the remaining 60% stake in Italpizza to the Santa Monica-based food and drink firm.

This follows the transaction of Bakkavör’s 40% stake in the pizza company to Dreamfood in May.

Dreamfood is an investment company controlled by Cristian Pederzini, managing director of Italpizza.

Agust Gudmundsson, chief executive officer, commented: “The completion of this sale marks another important step for Bakkavör as we continue to focus on our core growth markets in the UK, US and Asia. This transaction also represents a great development opportunity for the Italpizza business as the company moves forward under the new ownership of Dreamfood.”