Hain Celestial has formed a new joint venture that will focus on frozen Italian foods, called Rosetto Foods.
Hain will hold a 49% stake in the JV, which will be managed by Steven Sands, the Co-Chairman of Frozen Foods Partners (which specialises in the production, distribution and marketing of frozen food products under various brands).
The Rosetto brand, sold in the grocery and mass channels, generated around $10m in net sales for the year ending 30 June 2016. Hain has licensed the intellectual property associated with the brand to the JV, which will now operate the business.
Hain Celestial noted: “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. Steve 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.”