The former Polestar factory at Okehampton has been sold to Devonshire Desserts.
The frozen-food factory went into administration earlier this month, with the loss of 232 jobs.
Administrator FRP Advisory said Devonshire Desserts was the "one viable offer" for the factory.
It is not yet known if Devonshire Desserts will be able to re-employ some of the former staff.
A statement from the company said: "Devonshire Desserts is engaged in a detailed evaluation of the Okehampton plant.
"The future of the Okehampton factory will depend upon the outcome of this evaluation."
Polestar's owner, Privet Capital, blamed cashflow problems for its decision to close the factory.