LAKE SUCCESS, N.Y.,
April 12, 2017 /PRNewswire/ -- The
Hain Celestial Group, Inc. (Nasdaq: HAIN), a leading organic and
natural products company with operations in North America, Europe and India providing consumers with A Healthier Way
of Life™, announced today the establishment of a Joint Venture,
Rosetto Foods LLC, a newly formed entity managed by Steven Sands. Hain Celestial has a 49%
minority interest in the Joint Venture. As part of the
strategic partnership with Rosetto Foods LLC effective April 1, 2017, Hain Celestial licensed the
intellectual property associated with its non-core Rosetto® brand
of frozen Italian foods to the Joint Venture. Rosetto Foods LLC
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," 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."
"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," said Steven 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 (f/k/a Gourmet Dining), a packaged
consumer products ("CPG") 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, 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.
The Hain Celestial Group, Inc.
The Hain Celestial
Group (Nasdaq: HAIN), headquartered in Lake Success, NY, is a leading organic and
natural products company with operations in North America, Europe and India. Hain Celestial
participates in many natural categories with well-known brands that
include Celestial Seasonings®, Earth's Best®, Ella's Kitchen®,
Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®,
Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Casbah®, Rudi's
Organic Bakery®, Hain Pure Foods®, Spectrum®, Spectrum Essentials®,
Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The
Greek Gods®, BluePrint®, FreeBird®, Plainville Farms®, Empire®,
Kosher Valley®, Yves Veggie Cuisine®, Europe's Best®, Cully & Sully®, New Covent
Garden Soup Co.®, Johnson's Juice Co.®, Farmhouse Fare®,
Hartley's®, Sun-Pat®, Gale's®, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®,
Danival®, Happy®, Joya®, Natumi®, GG UniqueFiber®, Tilda®, JASON®,
Avalon Organics®, Alba Botanica®, Live Clean® and Queen
Helene®. Hain Celestial has been providing A Healthier Way of
Life™ since 1993. For more information, visit
www.hain.com.
Safe Harbor Statement
Certain statements contained in
this press release constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are predictions based on
expectations and projections about future events, and are not
statements of historical fact. You can identify forward-looking
statements by the use of forward-looking terminology such as
"plan", "continue", "expect", "anticipate", "intend", "predict",
"project", "estimate", "likely", "believe", "might", "seek", "may",
"remain", "potential", "can", "should", "could", "future" and
similar expressions, or the negative of those expressions. These
forward-looking statements include the Company's beliefs or
expectations relating to expansion and innovation of the Rosetto®
brand. Such forward-looking statements involve known and unknown
risks, uncertainties, and other factors which may cause the actual
results to be materially different from any future results
expressed or implied by such forward-looking statements. As a
result of the foregoing and other factors, no assurance can be
given as to the future results, levels of activity and achievements
of the Company, and neither the Company nor any person assumes
responsibility for the accuracy and completeness of these
statements.
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SOURCE The Hain Celestial Group, Inc.