The sale was earlier foreshadowed by the operator of the New World, Pak 'N Save and Four Square grocery chains and came after a lengthy audition process for the potential owners.
Bell chief executive Mark Hamilton told the Otago Daily Times the Dunedin operations of the company would continue as normal after the October 1 possession date. The 10 staff in Dunedin were told on Thursday of the sale and they would keep their jobs.
The Dunedin operation specialised in tea bag production. Bell tea bags and some of the Twinings range were made in Dunedin.
Pencarrow specialises in buying mid-sized businesses with values of between $20 million and $100 million and a record of positive and growing earnings.
Mr Hamilton said staff throughout New Zealand welcomed the news of the change of ownership and some celebrated yesterday, sharing cakes at morning tea time.
''We are committed to a New Zealand product and are the only tea maker to do this in New Zealand. Most tea makers import their tea from places like Sri Lanka and Indonesia - low-wage economies.''
Bell brought in the tea from overseas but blended it in New Zealand. The best thing for tea was to pack it at the last possible minute before it was sold to consumers, he said.
''Bell has been a household name with a proud history spanning over a century. The sale of Bell will help position the business for its next stage of growth and we believe Pencarrow's acquisition of the business will support this next stage.''
ACC and the New Zealand Superannuation Fund had investments with Pencarrow, meaning every taxpayer in New Zealand now had a stake in the Bell Tea and Coffee Company, Mr Hamilton said.
Pencarrow was focused on fostering growing New Zealand companies; partnering with owners and management to pursue growth.
''We believe Pencarrow's proven track record of investment success would benefit Bell Tea and Coffee Company, building on Bell's strong market position and proud 100-year history firmly on New Zealand soil''.
Bell saw growth in specialty brands of tea, such as English Breakfast, Earl Grey and green tea, 11% of the total market. Herbal infusion was growing and growth was coming at the high end of the market.
In coffee, growth was from people switching from instant to cafe-style roasts, he said.
The brands
Bell, Twinings, Gravity Coffee, Jed's Coffee, Burton's, NZ Live, Native Infusions and coffee machinery brands La Cimbali and Jura.
