Details of the transaction were not released.
The new entity will be called Beach Point Processing Co.
Mazzetta will have the exclusive right to purchase and produce the Seamazz line of products from Beach Point Processing.
"Beach Point and Mazzetta are looking forward to working with the people of PEI. The support of the community and the government has been greatly appreciated," the company said.
Jorzac is involved in many other business and ventures around the world, including: public freezer warehouses, various real estate ventures, fishing ventures and a potential venture in feed and aquaculture, the company said.
