Justin’s Eyes Strong Growth After Hormel Sells Majority Stake

Hormel Foods Corp. has officially completed the sale of a majority stake in Justin’s, the popular natural nut butter and organic chocolate brand, to private equity firm Forward Consumer Partners.

Under the agreement, Forward Consumer Partners will now own 51% of Justin’s, while Hormel Foods retains a 49% stake. The brand will operate as an independent business, and the financial details of the deal have not been disclosed.

Hormel Reshapes Portfolio to Focus on Core Growth Areas

Hormel said the move is part of its broader portfolio simplification strategy, aimed at focusing on brands and categories with long-term growth potential.

Speaking during a fourth-quarter earnings call, John Ghingo, President of Hormel Foods, said the company is making deliberate choices to streamline operations and invest in strategic priorities.

“Reshaping our portfolio is a key focus,” Ghingo said. “We are concentrating on categories that drive sustainable growth and simplifying where it makes sense.”

Hormel believes Justin’s has stronger growth potential under a partnership structure, especially as chocolate confections are not a core category for Hormel.

Justin’s Positioned for Expansion in Nut Butters and Organic Chocolate

While Justin’s is best known for its natural and organic nut butters, the brand has also built a strong presence in USDA-certified organic chocolate products. Hormel previously identified chocolate as a promising growth area for Justin’s, even though it does not align with Hormel’s long-term strategy.

“Justin’s is a great brand,” Ghingo said, “but it is better positioned to grow under this strategic partnership.”

Founder and Key Leaders Return to Drive Growth

As part of the transition, Justin Gold, the founder of Justin’s, is returning to the company as a strategic advisor and board member.

In addition, Peter Burns has rejoined Justin’s as Chief Executive Officer, bringing leadership continuity and industry experience.

The updated leadership team includes:

• Hunt Killough – Chief Growth & Strategy Officer

• Mark Doiron – Chief Sales Officer

• Jeff Perkel – Senior Vice President of Marketing & E-commerce

• David Ziegert – Chief Operating Officer

• Randy Gilbride – Vice President of Brand & Commercial Strategy

Forward said the team brings deep experience in the packaged foods industry.

Strong Industry Expertise Added to Board

Forward Consumer Partners has also appointed Valerie Oswalt, CEO of Kodiak, to the Justin’s board of directors. Oswalt has previously held leadership roles at major food companies including Campbell’s and Mondelez International.

Her experience in building high-growth food brands is expected to support Justin’s next phase of expansion.

Forward Consumer Partners Expands Food Portfolio

Justin’s now joins Forward’s growing list of food and beverage brands, which includes Kodiak, Firehook, Xochitl, and Via Carota Craft Cocktails.

“We’re excited to welcome Justin’s into the Forward family,” said Matt Leeds, Managing Partner at Forward Consumer Partners. “It’s a trusted brand with strong consumer loyalty and significant growth potential.”

Hormel Acquired Justin’s in 2016

Hormel originally purchased Justin’s in May 2016 for approximately $286 million. The company says the new partnership reflects a fresh approach to unlocking value and accelerating brand growth.

“This partnership gives Justin’s the focus and resources it needs,” Ghingo said. “It also shows how Hormel is rethinking growth opportunities across its brand portfolio.”