Hormel Foods to spin off Justin’s Brand in majority stake deal with Forward Consumer Partners 

UK – Hormel Foods has announced plans to separate its Justin’s nut butter and chocolate snack brand through a strategic partnership with Forward Consumer Partners.  

As part of the agreement, Forward will acquire a 51% stake, making Justin’s an independent company. Hormel will retain a 49% interest.  

The transaction is expected to close by the end of the year, pending customary conditions. Financial terms were not disclosed. 

The move marks a significant shift for Justin’s, which will appoint a new leadership team as part of the transition. Peter Burns, who previously served as CEO of Justin’s in 2016, will return to the role.  

Burns has held executive positions at Hershey, Mauna Loa Macadamia Nut Corporation, Izze Beverage, and Hain Celestial. Founder Justin Gold will rejoin the business as a strategic adviser and board member. 

John Ghingo, president of Hormel Foods, described the decision as an effort to build on Justin’s brand strength and unlock additional growth through enhanced focus and resources.  

Hormel acquired Justin’s in 2016 after a minority investment by VMG Partners in 2013. Since the acquisition, the product lineup has expanded to include almond and peanut butters, as well as nut butter cups. 

Forward Consumer Partners founder and managing partner Matt Leeds will serve as chairman of the new standalone company. Leeds said Justin’s has a strong reputation and significant potential for future expansion. 

The divestment reflects Hormel’s broader strategy to maximize brand performance and pursue creative structures that enhance long-term business value. Ghingo noted that the company will remain actively invested in Justin’s future success, even as the brand operates independently. 

In a related announcement, Hormel appointed Paul Kuehneman as interim chief financial officer. He will report directly to CEO Jeff Ettinger, who assumed the role after the retirement of former CEO Jim Snee in June. Ettinger’s tenure is temporary while the company conducts a search for a permanent successor. 

Ahead of its fiscal fourth-quarter results, Hormel provided an earnings update, citing continued strong demand across its retail, foodservice, and international divisions. Growth was led by turkey products and the Planters snack portfolio.  

Net sales are expected to reach the upper end of previously issued guidance, while adjusted earnings per share are anticipated to fall slightly below the prior forecast by approximately US$0.08 to US$0.09. 

During its third-quarter results in August, Hormel adjusted full-year projections, lowering operating income expectations to a range of US$982 million to US$996 million and maintaining diluted earnings per share guidance of US$1.49 to US$1.59. The company also projected organic sales growth of 1% to 4% for the full year. 

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