Freshpeel representative Keith Woolsey said of the acquisition: "It will enable us to expand our production and offers us the further opportunities to expand on this site into the future."
Freshpeel currently processes around 5,000 tonnes of onions a year.
The sale of the property was conducted on behalf of Greenvale Foods by Savills' Peterborough office.
The team's commercial agency director William Rose said: "There are few food factories currently on the market. Following Greenvale Foods' auction of the food manufacturing equipment at this site, we are very pleased to complete the sale to Freshpeel Produce."