Victoria's iconic Shepparton Preserving Company is changing hands again, as owner Coca-Cola Amatil has announced it has sold the business for $40 million.

Key points: The new buyer has promised all permanent SPC staff will be offered ongoing work

The new buyer has promised all permanent SPC staff will be offered ongoing work Its new owner, Shepparton Partners Collective, has an agriculture business history

Its new owner, Shepparton Partners Collective, has an agriculture business history Coca-Cola Amatil expects the sale to be completed by the end of June

The cannery has been purchased by a Melbourne-based company, Shepparton Partners Collective, which is a joint venture between Perma Funds Management and The Eights and has domestic and international experience in food, supply chain, finance, retail, agri-business and technology.

The sale is expected to be completed by the end of this month and generate a profit of $10-15 million for Coca-Cola Amatil (CCA).

CCA is set to make another $15 million in four years if business at the company is successful.

SPC employs 500 permanent staff and a CCA spokesperson said no jobs at the cannery or supply chain were expected to be impacted.

The CCA's group managing director, Alison Watkins, said Shepparton Partners Collective had the right combination of commercial experience, funding support and confidence in the future of SPC.

"This outcome is good news for SPC and good news for the Goulburn Valley," Ms Watkins said.

Since acquiring the SPC business in 2005, CCA has invested around $250 million into it, including in technology, operational and energy efficiencies and new equipment.

Workers have been assured there will be no job losses as a result of the sale. ( ABC Rural: Rachel Carbonell )

New owners flag 'export potential'

CCA said there was strong interest from both domestic and international organisations during the divestment process.

"Shepparton Partners Collective recognises the value of SPC's brands, the opportunities for innovation and category growth in Australia, and its export potential."

Perma Funds Management's Hussein Rifai said he did not see SPC as "just an Australian company".

"Our plan is to take it all the way overseas and make it one of the great Australian food success stories all around the world. We're very, very, very proud of it," he said.

SPC managing director Reg Weine welcomed the sale, which he said would allow the company to continue to expand its operations.

"In recent years we've grown our market share in tomatoes and we recently launched Australia's first organic canned tomatoes," he said.

"We're proud of those achievements and we're confident we can do more."

Mr Weine said the casual workforce fluctuated throughout the year, bringing up to 700 casual or seasonal workers onboard during peak seasons — it is unclear whether these jobs will be impacted.

SPC Ardmona has been canning fruit in Victoria's north since the 1900s. ( ABC News: Matt Dowling, file photo )

State MP for Shepparton, Independent Suzanna Sheed, has welcomed the proposed sale, but said she was cautious about a private equity firm taking control of one of Shepparton's most iconic businesses.

"But I think their background starts to give you some indication that they have a real interest in the agricultural area and let's hope they see this as a real opportunity to grow and make the business a better one," she said.

"There's a lot of opportunity to develop and innovate and of course get in to export markets … There's no doubt that China and India, with their populations, would be amazing markets to get in to."

No cuts to staff, buyer promises

Mr Rifai reiterated that all 500 permanent staff at SPC would be offered ongoing employment and said part of a new strategy would be to "empower the staff" with knowledge and skills.

"The way we see this business is a growth opportunity, it's not a slice-and-dice opportunity," he said.

Australian Manufacturing Workers' Union food division secretary Jason Hefford said many worried SPC employees had contacted the union.

"A lot of their concerns have been, 'what happens with the new owner, what's the direction, are there going to be redundancies?'

"The model of food processing has changed and there's a lot less workers these days … There will be people there that won't be employed by SPC in the future and we've got to have that honest and open dialogue."

Mr Rifai said he would be focused on making SPC more competitive both domestically and internationally.

"We are also excited to improve SPC's current offering with exciting initiatives, products and solutions that will appeal to a broader market at home and abroad whilst generating greater returns for stakeholders," he said.

Representatives from CCA, SPC Ardmona and the Shepparton Partners Collective are expected to comment further this morning.