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Private equity company Forward Consumer Partners will own a 51% share of the spun-off Justin’s brand after the deal closes at the end of the year. Neither party disclosed a sale price. “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,” Hormel President John Ghingo said in a news release. “It also reflects a broader strategy at Hormel Foods of finding creative ways to unlock the potential of all of our brands.” The Austin-based company is in the midst of a “transform and modernize” initiative to return to growth after a choppy few years dealing with inflation and budget-conscious consumers. While Hormel has frequently touted its “protein-centric” portfolio on recent earnings calls, it has not listed Justin’s among its growing brands. The company wrote down the book value of the brand by $28 million two years ago. Justin Gold, who started the nut-butter business in Colorado in 2004, will rejoin the brand as a strategic advisor and member of the board of directors. Peter Burns will return as CEO. Renée Jones Schneider/The Minnesota Star Tribune More than 800 Target employees in the Twin Cities were laid off on Tuesday, news they learned in a group telephone meeting. A more impersonal approach to cutting employees has become more of a norm in corporate America in recent years.
