Hormel plans to sell a majority stake in the Justin’s nut butter and snacks brand to a private equity firm, the Minnesota-based foods company announced.
Under the agreement, Justin’s would return to a standalone business. Forward Consumer Partners will own 51% of the brand, and Hormel would own 49%.
In addition, former Justin’s CEO Peter Burns will return to lead the business, and founder Justin Gold will serve on the partnership’s board and be a strategic advisor.
Hormel, which acquired Justin’s in 2016, said the move would provide “greater focus and resources to help the business grow.” Hormel President John Ghingo added that it also “reflects a broader strategy at Hormel Foods of finding creative ways to unlock the potential of all of our brands.”
“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,” Forward founder Matt Leeds, who will chair the partnership’s board, said in a statement.
The deal is expected to close by the end of the year. Additional terms were not disclosed.
