Copyright Austin Daily Herald
Hormel Foods Corporation and Forward Consumer Partners (“Forward”), a private investment firm focused on branded consumer products, announced Tuesday that they have signed a definitive agreement to establish a new strategic partnership. According to a press release Tuesday, the transaction is expected to close by the end of the calendar year and will enable the Justin's, which includes 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 has always had incredible equity and passionate fans. We believe there is even more opportunity ahead,” said John Ghingo, president, Hormel Foods. “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.” The Justin's brand was created in 2004 by Justin Gold, who started the brand in his Colorado kitchen and would go on to sell almond butters at the Boulder Farmers Market. Concurrent with the closing of the partnership, Gold will return to the business as a strategic advisor and member of the new partnership’s board of directors. Hormel purchased Justin’s in May of 2016 as part of a $286 million deal. "Justin's affords us that opportunity to really be more complimentary to the Skippy brand in a category that's a rapidly growing category," said James Snee, who at the time was Hormel’s president and chief operating officer. "We know that it attracts a younger, more health-conscious, millennial consumer."
