Justin’s nut butter business to become standalone entity under Hormel-Forward deal

Hormel Foods Corp. and Forward Consumer Partners have signed a definitive agreement to establish a new strategic partnership around the Justin’s brand business, expected to close by the end of this calendar year. Under the deal, Forward will own 51 percent of the Justin’s-branded business and Hormel Foods will retain a 49 percent stake. The brand will once again become a standalone company under this structure.

In his announcement, John Ghingo, president of Hormel Foods, noted that since the acquisition in 2016, Hormel expanded Justin’s offerings to include almond and peanut butters, peanut butter cups and other confectionery products. This new partnership, he said, “will build on that strong foundation, providing even greater focus and resources to help the business grow while we remain invested in its success.”

As part of the deal, founder Justin Gold will return as a strategic advisor and board member of the new company. Also returning as chief executive officer is Peter Burns, who previously led Justin’s at the time of the 2016 sale to Hormel.

For refreshment services operators, single-serve nut butters and snack cups are growing in the convenience channel among snack-category products.