Hormel Foods Corp. has completed the sale of a majority stake in Justin’s, the popular nut butter and organic chocolate brand, marking a strategic shift in its long-term business focus.
Under the agreement, Forward Consumer Partners, a private equity firm based in Greenwich, Connecticut, has acquired 51% ownership of Justin’s. Hormel will retain the remaining 49% stake, while the brand will now operate as an independent company. Financial details of the transaction were not disclosed.
Strategic Shift to Unlock Brand Growth
Hormel said the move is part of its broader effort to reshape its product portfolio and concentrate on brands with strong long-term growth potential.
“Portfolio reshaping is a priority for us,” said John Ghingo, President of Hormel Foods, during the company’s fourth-quarter earnings call.
“We are focusing on strategic categories and simplifying our business. The Justin’s partnership gives the brand the best opportunity to grow independently.”
Hormel has identified organic chocolate confections, a key part of Justin’s business, as a non-core category for the company—making the partnership a strategic fit for both sides.
Justin’s to Operate Independently Under Forward Consumer Partners
With Justin’s now part of Forward Consumer Partners’ food portfolio, the brand is positioned to pursue faster innovation and expansion, particularly in the natural, organic, and premium confectionery markets.
“This decision is about ensuring Justin’s has the right ownership to reach its full potential,” Ghingo added. “While it’s a great brand, it fits better with a partner focused on growth in confections.”
Founder and Experienced Leaders Return
As part of the transition, Justin Gold, the founder of Justin’s, is returning as a strategic advisor and board member.
Peter Burns has also rejoined the company as Chief Executive Officer.
The leadership team will include several long-time Justin’s executives:
-
Hunt Killough – Chief Growth & Strategy Officer
-
Mark Doiron – Chief Sales Officer
-
Jeff Perkel – Senior Vice President, Marketing & E-commerce
New leadership appointments include:
-
David Ziegert – Chief Operating Officer
-
Randy Gilbride – Vice President, Brand & Commercial Strategy
Forward said both executives bring deep experience in packaged foods and have previously worked with Burns.
Industry Veteran Joins Board
Forward Consumer Partners also announced that Valerie Oswalt, CEO of Kodiak, has joined the Justin’s board of directors.
Oswalt brings extensive experience from major food companies such as Campbell’s and Mondelez International, and is known for building high-growth consumer brands.
Forward Consumer Partners Expands Food Portfolio
“We are excited to welcome Justin’s into the Forward family,” said Matt Leeds, Managing Partner at Forward Consumer Partners.
“This is a trusted brand with strong consumer loyalty and tremendous growth potential.”
Forward’s food and beverage investments also include Kodiak, Firehook, Xochitl, and Via Carota Craft Cocktails.
Hormel’s Long-Term Vision
Hormel originally acquired Justin’s in May 2016 for approximately $286 million.
Company leaders say the new partnership reflects a modern approach to unlocking brand value.
“This partnership gives Justin’s the focus and resources it needs to grow,” Ghingo said. “It also shows how Hormel is thinking differently about long-term brand development.”
