Hormel Foods and Forward Consumer Partners complete Justin's spinoff deal

Hormel Foods Corporation (NYSE: HRL) and Forward Consumer Partners completed a transaction to establish Justin's as a standalone company, according to a press release issued December 15.

Under the agreement, Forward owns 51% of the new Justin's entity while Hormel Foods retains a 49% stake. The business produces nut butters and USDA-certified organic chocolate confections.

Justin Gold, who founded the brand in 2004, returns as a strategic advisor and board member. Peter Burns will serve as chief executive officer of the standalone company.

Several former Justin's executives are rejoining the company, including Hunt Killough as chief growth and strategy officer, Mark Doiron as chief sales officer, and Jeff Perkel as senior vice president of marketing and e-commerce. These individuals previously held leadership roles at Justin's before Hormel Foods acquired the brand in 2016.

The new leadership team also includes David Ziegert as chief operating officer and Randy Gilbride as vice president of brand and commercial strategy. Val Oswalt, currently chief executive officer of Kodiak, joins the board of directors.

"This is a beloved brand with incredible potential, and we look forward to supporting its continued growth and success in the years ahead," said Matt Leeds, Forward's managing partner.

John Ghingo, president of Hormel Foods, stated the partnership "provides the focus and resources to help the business grow and also reflects how Hormel Foods is thinking differently about unlocking growth for our brands."

Forward Consumer Partners manages $425 million of committed capital and focuses on consumer brand investments. Hormel Foods is a global branded food company with over $12 billion in annual revenue.

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