The Hain Celestial Group, Inc., Lake Success, N.Y., established a joint venture with Rosetto Foods LLC, Boulder, Colo. Hain Celestial maintains a 49% minority interest in the joint venture. As part of the strategic partnership, effective April 1, Hain Celestial licensed the intellectual property associated with its Rosetto brand of frozen Italian foods. Rosetto Foods will operate the business and be responsible for executing the operating plan.
"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," says Gary 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."
"I would like to thank the Hain Celestial team for their continued commitment to the Rosetto brand, and their confidence in our ability to execute and create value," says Sands. "Rosetto's brand equity and strong positioning with both retailers and consumers presents an extremely attractive opportunity to continue innovating in this exciting category."
Steven Sands is the co-chairman of Frozen Foods Partners (fka Gourmet Dining), a packaged consumer products company specializing in the production, distribution and marketing of a wide variety of frozen food products marketed under the Gourmet Dining, La Sabrosa and Tru Earth brands. The Rosetto brand is sold in the grocery and mass channels.