The Hain Celestial Group, Lake Success, N.Y., is licensing intellectual property from Rosetto Brands associated with its non-core Rosetto frozen Italian foods, and taking a 49 percent stake in a new joint venture called Rosetto Foods LLC.
Managed by Steven Sands, the newly formed entity's Rosetto brand generated nearly $10 million in net sales in its most recent earnings report. Sands will operate the business and be responsible for executing the operating plan. Gary Tickle, CEO of Hain Celestial North America, said his firm is glad to have formed a strategic alliance with Steve Sands and his management team.
"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," Tickle said.
Sands is the co-chairman of Frozen Foods Partners, a packaged consumer products company specializing in the production, distribution and marketing of a variety of frozen food products marketed under the Gourmet Dining, La Sabrosa and Tru Earth brands. The Rosetto brand, sold in the grocery and mass channels, generated approximately $10 million in net sales for the year ended June 30, 2016, and was minimally accretive to the company's earnings.