MDB Twello, which operates under the name Fa.
L.I. Frank - Fa.
Wed. W. Miedendorp, was founded by the Miedendorp family in 1753.
It started selling protein from sweet lupin beans in the 1990s in response to demand for soy alternatives, and claims to have been the first Dutch company to do so.
Barentz Europe was founded in 2000 and is part of the Barentz Group, which saw turnover of €400m in 2006.
It has only had its own production facilities for the past five years but CEO Hidde van der Wal said that the acquisition - which includes MDB Twello's production facilities - "reinforces [its] position in the food industry".
"Barentz has up to now developed through organic growth and will continues to do so in the future.
However, acquisitions like this one, which fit out strategic objectives, will continue to be part of our future," he said.
For its part, MDB Twello will benefit from being part of a larger outfit with pan-European distribution.
The company was founded by the Miedendorp de Bie family in 1753 , originally as a merchant house in colonial goods, spices, subtropical fruit and related items for bakeries.
It entered raw materials in 1947 and has been based in Twello since 1986.
Commercial director Victor Miedendorp de Bie said: "We are very happy with this agreement since it guarantees maximum continuity for our customers."
Both parties are private companies and no financial details of the acquisition have been released.
Soy and lupin, a protein from grain legume Lupinus angustifolius , are used in specialty bakery and flour products.
Lupin, which has an average protein content of just over 30 per cent compared to 44 to 48 for soy, can also be used to replace eggs and butter to enhance the colour of finished products.
It is also rich in tocopherols and some evidence indicates that lupin-enriched flour can help boost satiety.
Some 15,000 tons of lupin-based ingredients are said to be sold in Europe per year for use in human food, and 500,000 tonnes of food products consumed per year in Europe contain lupin.
However market experts say that development of the market has been hampered in recent years due to concern over allergens.
People allergic to peanuts may also be allergic to lupin because the major allergens in lupin are also found in peanuts.
In addition to bakery manufacturers, MBD Twello also counts meat, ready-meal and health food manufacturers amongst its customers.
The company continues to sell soy protein and by-products, and staunchly sources all its ingredients from non genetically-engineered plants.