After 10 years at the helm, managing director John Griffiths and daughter Judith Griffith Evans, have handed over the Bedwas-based business' reigns to Peter's dynamic management team who have already announced exciting plans for two new product launches in early 2008.
South Wales born Mike Grimwood, a former executive of food group 'Northern Foods', has been appointed managing director.
He said: "The great thing about Peter's is that it's in cracking shape. It's a solid company with a great workforce and we're all really excited about the future. We want 2008 to be about growth and stability - that's why we're planning to launch an exciting new range of sausages and a very special steak and ale pie in collaboration with Fuller's brewery."
Peter's currently employ more than 600 staff throughout Britain and have a staggering £53 million annual turnover.
The savoury pastry manufacturer produces over 100 million pastry products every year from its Bedwas HQ and distributes the pies, pasties and sausage rolls to major supermarkets, stadiums and local fish and chops all over England and Wales.
Grimwood added: "Peter's is a tremendous business with a great commitment to quality and service to its customers. It has a high quality management team and workforce that will allow the company to grow its Peter's brand, retailer brand and food service business rapidly."
The buyout will also see Justin Griffiths take over as foodservice director while current management team David Peek, David Jackson, Steve Jones and David Llewellyn continue in their respective roles as finance director, technical director, operations director and regional director south.
Dains, the Midlands-based Chartered Accountants and business advisers, were lead advisers on the deal and finance was provided by Peter's longstanding bankers, The Royal Bank of Scotland (RBS), who are keen to support Peter's progressive growth plans.
Simon Bursell, Dains' corporate finance partner, said: "Dains has been delighted to work with such a high quality management team. They deserve the opportunity to take Peter's Food Service onto the next stage of its development. Under Mike Grimwood's leadership the business is well placed to continue providing its customers with great value products and a first class service."