Hormel spins off Justin’s as standalone company

BOULDER — Almost a decade after Hormel Foods Corp. (NYSE: HRL) paid $286 million for Justin’s, the Boulder-born natural-foods company is being spun off as a stand-alone company once again.

Austin, Minnesota-based Hormel is selling a 51% stake in Justin’s to Forward Consumer Partners, a Greenwich, Connecticut-based private investment firm focused on branded consumer products. Terms of the transaction, which is expected to close by the end of 2025, were not disclosed.

Justin’s was founded by Justin Gold in 2004 and produces nut butters and organic chocolate treats. Gold launched the brand in his kitchen and began selling almond butters at the Boulder Farmers Market.

Justin’s headquarters remained in Boulder after the Hormel sale, with the company based at 736 Pearl St.

“The Justin’s brand has always had incredible equity and passionate fans. We believe there is even more opportunity ahead,” John Ghingo, president of 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.”

Gold will return to the company as a strategic adviser and member of the new partnership’s board of directors. Peter Burns, who served as CEO when the company was sold to Hormel, will return to the chief executive position. Burns has held leadership positions with The Hershey Co., Mauna Loa Macadamia Nut Corp., Izze Beverage Co. and The Hain Celestial Group Inc.

Gold and Burns could not immediately be reached for comment, but in a LinkedIn post, Burns said, “I am more than THRILLED to return to Justin’s and lead the next chapter for a brand that means so much to me. I am grateful to my partners at Forward Consumer Partners and Hormel Foods for the opportunity to reunite with Justin Gold and help shape the future of this iconic brand.”

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,” Leeds said in a statement. “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.”

Hormel Foods was advised by Greenhill, a Mizuho affiliate, and Faegre Drinker. Forward was advised by Kirkland & Ellis.

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