A private Australian firm has bought a majority stake in the famous Kiwi peanut butter firm Pic’s.

The hugely successful Nelson-based company is now 51.3 percent owned by Melbourne-based Scalzo Foods, with founder Pic Picot keeping the rest.

Picot says he's happy with this move, as the company needs the extra money.

"We have big plans and we were getting sort of stuck with a bit too much debt - and I'm ready to do other things."

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