The Swiss private equity group UBS AG has sold its 70% stake in the Dutch shrimp processing company Heiploeg Beheer BV to the Dutch investment group Gilde, according to a report in the Dutch publication FoodHolland.

The sale is expected to be concluded shortly according to inside sources, the report says. UBS AG acquired the company in 2000.

Heiploeg has annual sales in the region of €320m (US$374.3m), and is said to be in profit. The remaining 30% in the company, which was put up for sale last summer, is owned by two of its former directors.