The Hain Celestial Group, Inc. has taken a 49% minority interest in a new joint venture, Rosetto Foods L.L.C. As part of its role in the joint venture Hain has agreed to license the intellectual property associated with its non-core Rosetto brand of frozen Italian foods.
Steven Sands, co-chairman of Frozen Foods Partners, will manage Rosetto Foods L.L.C. Frozen Foods Partners is a packaged consumer goods company that specializes in the production, distribution and marketing of frozen food products under the Gourmet Dining, La Sabrosa and Tru Earth brands.
“We are pleased to enter into this strategic alliance with Steve Sands and his management team as we focus on our core natural and organic product portfolio and platforms for growth,” said Gary W. Tickle, chief executive officer of Hain Celestial North America. “Steve Sands and his team have an established track record with smaller better-for-you frozen food brands, with the right skill set to revive the Rosetto brand in a more meaningful way as part of their meal solutions offerings.”
The Rosetto brand, which is sold in the grocery and mass channels, generated approximately $10 million in net sales for the year ended June 30, 2016, according to Hain Celestial. The brand includes a variety of frozen pastas that may be prepared in 6 minutes or less.
By Eric Schroeder
Source: Food Business News
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