**Hormel Foods and Forward Consumer Partners Form Strategic Partnership for Justin’s**
Hormel Foods Corp. and private equity firm Forward Consumer Partners announced a new strategic partnership on Tuesday that will see Hormel relinquish ownership control of Justin’s, allowing the premium nut butter and snack brand to operate as a standalone company. The transaction details were not disclosed but are expected to be completed by the end of the year.
Under the terms of the agreement, Forward Consumer Partners will own 51% of Justin’s, while Hormel Foods will retain a 49% stake.
**The Story Behind Justin’s**
Justin’s, known for its nut butters, confectionery, and other snacks, was founded in 2004 by Justin Gold. The brand began humbly with Gold selling almond butters at the Boulder Farmer’s Market.
In 2016, Gold sold Justin’s to Hormel for an estimated $286 million. At the time, the company was experiencing rapid growth but was not actively seeking a buyer. Gold acknowledged the need for additional resources to enhance product safety and quality, raw material sourcing, distribution expansion, and the adoption of best-in-class marketing and HR strategies.
Former CEO Peter Burns explained that distribution limitations were a key reason for the sale. “Our No. 1 product is in fewer than 40% of grocery stores, and we have limited distribution in club stores, no significant international business, no convenience store presence, and limited foodservice channels.”
**Growth Under Hormel**
Since acquiring Justin’s, Hormel has significantly expanded the brand’s footprint. John Ghingo, president of Hormel Foods, emphasized the brand’s strong equity and passionate customer base. “We believe there is even more opportunity ahead,” he said.
Hormel has broadened Justin’s product offerings to include a full range of almond and peanut butters, as well as new varieties of peanut butter cups, almond butter cups, and other confectionery items.
Ghingo added, “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.”
**Leadership and Future Outlook**
As part of the new arrangement, Justin Gold will return to the company as a strategic advisor and board member. Peter Burns will also return as CEO.
Matt Leeds, founder and managing partner of Forward Consumer Partners, described Justin’s as a “textbook Forward asset” — a powerful brand with beloved products, 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 commented.
This strategic partnership marks a new phase for Justin’s as it continues to grow and innovate within the premium nut butter and snack market.
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