NP Foods Group, owner of the Gutta juice brand, has agreed a deal to be taken over by Norway's Orkla for an undisclosed sum.

Under the agreement, Orkla will acquire 100% of the shares in the companies held by Nordic Partners Foods, which is owned by the Latvian investment company Nordic Partners and the Icelandic fund BIL ehf. NP Foods Group also owns the Everest bottled water brand. 

The transaction also includes biscuit, cake and ready meal brands, including chocolate brand Laima.

"The acquisition of Laima and other well-established brands is strategically important to Orkla, and will significantly strengthen our foothold in the region," said Orkla's president & CEO, Peter Ruzicka.

In 2013, NP had full-year sales of EUR77.1m, with operating profits of EUR7.5m The firm, which has four factories in Latvia and one in Lithuania, has 1,100 employees.

The deal remains subject to approval from the Latvian, Lithuanian and Estonian competition authorities.