Hemisphere Freight Services announced it had agreed to a sale which will see the company take over about 200,000 sq ft of warehousing space at Magnus' Great Blakenham facility.
Andrew Kelsall of administrator Larking Gowen said he was pleased that a buyer had been found for a part of the company and that Magnus' warehousing staff were able to continue working with the new owners.
"This is a time when voluntary liquidations across the UK are at an all-time high.
"Logistics is a highly competitive sector and, unfortunately, Magnus had got into difficulties, including some debt which it has been unable to refinance.
"They had little option but to seek administration.
"We are currently working to achieve the best possible outcome for all stakeholders involved, and we are maintaining a dialogue with staff, customers and suppliers across the board."
Hemisphere managing director Andy Perrin said:
"It’s always hard to see a fellow family-run business go into administration, especially after decades of successful trading and becoming so well-respected within the local community.
"Our sincere condolences go out to everyone affected at what must be an incredibly difficult time."
Twenty-five jobs have been saved by the deal, and the team will remain at the Great Blakenham site for six months before moving to the nearby Suffolk Port One Logistics Park.
While the warehousing part of the business has been sold on, the haulage side of Magnus has been wound down