A Greenwich-based private equity firm has completed taking a majority stake in the Justin’s nut-butter and snack brand as part of a new partnership with Hormel Foods Corp.
Forward Consumer Products announced the deal’s closure after disclosing the transaction in late October.
Under the terms of the agreement, Justin’s will operate as a standalone company, owned 51% by Forward and 49% by Hormel Foods, under former and new leadership.
Justin’s, founded in 2004 by entrepreneur Justin Gold in Boulder, Colorado, produces organic nut butters and chocolate confections. Hormel acquired the brand in 2016 as part of its strategy to expand into natural and premium food categories.
As part of the new arrangement, former Justin’s CEO Peter Burns will return to lead the company, and Gold will serve as a strategic adviser and board member.
