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Global branded food company Hormel Foods has announced plans to separate its Justin’s nut butter and chocolate snack brand through a strategic partnership with Forward Consumer Partners, a private investment firm.
As part of the agreement, Forward Consumer Partners will acquire a 51% stake in the business, while Hormel will retain a 49% interest, allowing Justin’s to operate as an independent company.
Commenting on the move, Hormel Foods president John Ghingo said: “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”, he said.
Forward Consumer Partners founder and managing partner Matt Leeds commented: “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. 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”.
The transaction is expected to close by the end of the calendar year.
Source: Hormel Foods
