Hormel Foods Corporation and private‑equity firm Forward Consumer Partners closed a transaction on December 15 2025 that establishes the Justin’s brand as an independent company. Forward will hold a 51% majority stake, while Hormel retains 49% ownership and will continue to provide strategic support through its distribution network and brand expertise.
Justin Gold, the founder of Justin’s, has returned to the company as a strategic advisor and board member, and Peter Burns will serve as the new CEO. Several former Justin’s executives are rejoining the leadership team, and Forward Consumer Partners, which manages $425 million in committed capital, will bring additional resources and industry expertise to the brand. The deal’s financial terms were not disclosed, but the ownership split and leadership changes signal a clear commitment to the brand’s future growth.
The spin‑off aligns with Hormel’s broader strategy of concentrating on high‑margin branded products and divesting non‑core assets. By separating Justin’s, Hormel can reallocate capital and managerial attention to its core portfolio while still benefiting from a 49% equity position. Forward’s investment thesis focuses on branded consumer businesses that have strong growth potential but require dedicated resources; Justin’s fits this profile with its established nut‑butter and organic chocolate confection lines and a loyal customer base.
With independent operations, Justin’s can pursue product innovation, expand distribution, and scale marketing without the constraints of a larger corporate structure. Hormel’s continued minority stake provides upside if the brand succeeds, while Forward’s majority ownership allows for decisive investment decisions. The transaction is expected to unlock value for both parties by combining Hormel’s scale and Forward’s growth expertise.
The move comes after Hormel’s recent earnings reports, which showed a mix of revenue growth and margin pressure. Analysts noted that Hormel’s focus on high‑margin brands and strategic divestitures has helped stabilize earnings. The Justin’s spin‑off is viewed as a continuation of this strategy, positioning Hormel to capitalize on its core strengths while allowing Justin’s to accelerate its growth trajectory.
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