A Greenwich-based private equity firm has taken a majority stake in the Justin’s nut-butter and snack brand as part of a new partnership with Hormel Foods Corp.
Forward Consumer Partners will own 51% of the Justin’s branded business, while Minnesota-based Hormel will retain a 49% minority interest. The deal, announced Tuesday, is expected to close by the end of the year.
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.
Hormel said the deal allows it to maintain an ownership stake while giving Justin’s greater flexibility to grow independently. Financial terms were not disclosed.
Forward, founded in 2023, is a private investment firm that focuses on consumer brands. It manages about $425 million in committed capital and has investments in Kodiak, Firehook, Xochitl, Bar Keeper’s Friend and Via Carota Craft Cocktails.