Hormel, Forward Partner to Relaunch Justin’s as Standalone Brand
New partnership aims to accelerate growth and innovation for the nut butter and confectionery brand
Hormel Foods Corporation, a Fortune 500 global branded food company, and Forward Consumer Partners, a private investment firm focused on branded consumer products, announced they have signed a definitive agreement to establish a new strategic partnership. The transaction is expected to close by the end of the calendar year. This partnership enables the Justin's branded business, which includes category-leading products such as nut butters and USDA-certified organic chocolate treats, to once again become a standalone company, owned 51% by Forward and 49% by Hormel Foods.
The Justin's brand was created in 2004 by its eponymous, passionate and quality-obsessed founder Justin Gold. Justin started the brand in his Colorado kitchen and found early success by selling his hand-crafted almond butters at the Boulder Farmers Market. From there, the business grew steadily over the years.
"The Justin's brand has always had incredible equity and passionate fans. We believe there is even more opportunity ahead," John Ghingo, president, Hormel Foods, said in a press release. "Since acquiring the business in 2016, we've expanded its offerings to include a full range of almond and peanut butters, along with new varieties of peanut butter cups, almond butter cups and other confectionery products. This new partnership with Forward will build on that strong foundation, providing even greater focus and resources to help the business grow – while we remain invested in its success. It also reflects a broader strategy at Hormel Foods of finding creative ways to unlock the potential of all of our brands."
Concurrent with the closing of the partnership, Justin Gold will return to the business as a strategic advisor and member of the new partnership's board of directors. Peter Burns will also return as chief executive officer (CEO). Peter is an accomplished and deeply respected executive in the food and beverage space, having held senior leadership positions at The Hershey Company, Mauna Loa Macadamia Nut Corporation, Izze Beverage Co., and The Hain Celestial Group, Inc. Peter also served as CEO of Justin's at the time of the sale to Hormel Foods in 2016.
Matt Leeds, Forward's founder and managing partner, will become chairman of the board of the new partnership.
"The Justin's brand is a textbook Forward asset – a powerful brand that makes beloved products, with an enduring track record of success and significant untapped potential. We are grateful to partner with Hormel Foods, and we're honored to be entrusted with the next chapter of the Justin's brand story," Leeds said in a statement.
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