Mr Stewart said when the split-up first become known it appeared as if the Masterton portion of the business might be lost to the town and moved elsewhere.
When investing he had been adamant that "it must stay in Masterton."
Mr Stewart, who after retiring from his full-time role with Hansells returned to his accountancy business, said as far as getting investors was concerned "we are not there yet" but he hoped to get a good mix of Wairarapa people involved.
Customers for the products produced in Masterton were in place.
Distribution firm Wilson Foods will be buying a suite of brands and Hansells Foods will remain a principal customer.
Mr Stewart will become chairman of the new consortium and said there is "a good crew already running the place."
Hansells Masterton employs 85 staff and Mr Stewart said there would be no downgrading.
In fact he was looking at expansion and said Hansells Masterton has the potential to take on work for other companies.
"We have spare capacity in lots of areas so we can take on more work," he said.
Hansells was formed in 1934 when a chemist named Hansen linked up with the founder LB Maunsell.
The firm started by manufacturing emulsion culinary essences and over the years has branched out to produce items which have become households names. These include powered drinks such as Vitafresh and concentrates Quench and Thriftee along with instant desserts, cereal soups and home-made yoghurts.
Mr Stewart first became involved when he was called in as financial advisor in 1979, became a shareholder, and was managing director for 10 years.
He retired but again took up an interest in 2006 when the ownership of Hansells changed to Old Fashioned Food, of which he was a director.
Old Fashioned Foods changed its name to Hansells Food Group which, in turn, has split off the Masterton unit to Mr Stewart's investment group.
