"We look forward to unlocking its potential," Mr Noble said.
Mr Sarantinos said the sale provided continuity to "the vast majority of staff".
It is understood one or two people will lose their jobs from a staff of 80 in the transition.
Waterwheel parent Gourmet Food Group was placed in receivership in November 2012.
The sale of the Rosella sauce and chutney brand is yet to be achieved, however Mr Sarantinos said the sale process was continuing and a sale for Rosella and Pitango, another Gourmet Food Group business, was hoped for in the short term.