Hain Celestial creates new Rosetto Foods JV
US-based organic and natural food product manufacturer The Hain Celestial has created the new Rosetto Foods joint venture, which will be managed by Frozen Foods Partners co-chairman Steven Sands.
Frozen Foods Partners is involved in the production, distribution of frozen food products, which are marketed under the Gourmet Dining, La Sabrosa and Tru Earth brands.
Sands said: "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.
"Rosetto's brand equity and strong positioning with both retailers and consumers presents an extremely attractive opportunity to continue innovating in this exciting category."
As of 1 April, Hain Celestial licensed all the intellectual assets linked with its non-core Rosetto brand of frozen Italian foods to the Rosetto Foods.
Hain Celestial will own a 49% stake in the new JV.
Rosetto Foods will be responsible for managing and executing all business its plans.
Hain Celestial North America chief executive officer Gary Tickle said: "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."