The premium kosher foods company, founded in 1888, bakes matzo and produces other baked goods, pastas and gefilte fish under brands that include Manischewitz, Mishpacha and Guiltless Gourmet.

"This transaction will allow Manischewitz to continue its storied tradition of producing the highest quality kosher products... It will also enable the company to maintain its position as the world's most iconic purveyor of kosher food," said Yaakov Horowitz, head rabbi at Manischewitz.

Sankaty Advisors is expected to revamp the company's strategy and emphasize the kosher designation of food Manischewitz produces as a sign of its quality.

"Manischewitz has earned a position as one of the most highly recognized brands in the world, and it has distinguished itself through a passionate commitment to producing the highest quality kosher products possible," the firm said in a statement. "We believe Manischewitz is well positioned to grow due to rising mainstream interest in kosher foods."

Food that has been deemed kosher has been prepared according to Jewish dietary laws and sanctioned by a rabbi.

Sankaty Advisors is an independently managed credit affiliate of Bain Capital LLC  and manages more than $22 billion of assets. No terms of the deal were disclosed.