Roy Manassen said he agreed to CHAMP's offer of recapitalisation because he was tired of writing his own cheques for the company he inherited from his father 26 years ago.
CHAMP has now helped Manassen Foods acquire three small speciality foods companies to turn the business into a new company, Food Holdings Pty Ltd.
Manassen will become chairman and CHAMP will have a 51 per cent stake.
The company rolls Manassen Foods in with The Great Southern Foods group, King Oscar and Hutchinsons (NZ)Pty Ltd - but will continue to trade as Manassen Foods - and will have total revenue in excess of $250 million per annum.
CHAMP expects to be able to double that within three years through a combination of both organic growth and acquisitions.
"We're on a mission to build (the business)," Manassen said.
He plans to stick within the industry of specialty food brands, with the company's brands including Mini Babybel Cheeses, Wokka Noodles, Sharwoods Indian Cuisine and cheeses from The Margaret River Dairy Company.
Manassen Foods is mainly a food importer and distributor, with some manufacturing operations, and Manassen hopes to expand the export side of the business.
However he has ruled out entering more generic food categories such as fresh produce and says that a listing on the share market is not on the cards at the moment.
Manassen Foods has appointed former Kelloggs Australia managing director Michael Bracka as chief executive.
CHAMP's investment is the third from its CHAMP II Fund, which raised $950 million last July.
CHAMP did not reveal its exact equity commitment to Manassen Foods but said the fund had invested about 10 cents in the dollar so far.