The offer is a massive increase from the $8.3 million bid from Global Foods in June.

The latest offer came from the Queensland-based Himstedt family, which owned the Queen Fine Foods business until 2015.

The sale is expected to be completed in September subject to regulatory approvals.

The funds will be used to reduce debt and provide working capital for the company as it moves into the macadamia business.

The Himstedt family will get control over the ginger factory at Yandina, the Buderim Ginger brand and its Fiji business, Frespac Ginger.

Chairman Guy Cowan said it had received several competing offers when it announced the bid from Global Foods in June.

“We are pleased to agree a transaction with the Himstedt family that delivers optimal value for our shareholders,” Cowan said.

“At the same time, the new owners are a renowned family in the foods business who will undoubtedly further build on the success of the ginger division.”

He said the deal would allow the company to become a dominant player in the macadamia industry and explore opportunities in health and plant-based food protein markets.

Tom Himstedt said the family was excited by the prospects and potential of the business.

“We hope with the knowledge and skills of the existing Buderim Ginger team and our interest in delivering great products we will together create an exciting new chapter.”