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

In a multimillion-dollar deal, 51.3-percent of the Nelson-based company's now owned by Melbourne-based Scalzo , a food and ingredient supply business.

Founder Pic Picot says they sold the share because they needed the money, but they've been very lucky.

He says they've been lucky as Scalzo are good people with strong international relationships and fresh skills.

Pic Picot still holds 42.4-percent of the company.