Hormel Foods, Forward Consumer Partners establish Justin’s as a standalone company in growth-focused JV

Hormel Foods Corporation (NYSE: HRL) and private investment firm Forward Consumer Partners have completed their joint venture (JV) to establish Justin’s as a standalone company, with Forward holding a 51 percent controlling stake and Hormel Foods retaining 49 percent. The deal reintroduces brand founder Justin Gold and former chief executive officer Peter Burns to leadership roles, signaling a renewed focus on brand-building, product innovation, and independent execution.

This move reflects Hormel Foods’ shift toward creative portfolio management and capital-efficient brand expansion, while giving Forward Consumer Partners control over a high-equity health-snack brand at a time of heightened investor interest in better-for-you categories.

Why did Hormel Foods spin off Justin’s into a 51:49 joint venture with Forward Consumer Partners?

The decision to establish Justin’s as a standalone company via a majority-controlled joint venture follows strategic themes now gaining traction across the food and beverage sector: tighter focus, nimble execution, and unlocking latent brand value. For Hormel Foods, it signals a willingness to break from conventional house-of-brands integration models and selectively return acquired brands to founder-style autonomy when scale or speed demands it.

Justin’s was acquired by Hormel Foods in 2016 as part of a broader push into health-conscious, millennial-friendly brands. The category footprint expanded to include a range of almond and peanut butters, along with USDA-certified organic nut butter cups and confections. But with increasing competition from private labels and emerging direct-to-consumer snack startups, the brand’s original entrepreneurial edge may have been dulled inside the corporate portfolio.

The 51:49 ownership structure now gives Forward Consumer Partners operational control and majority governance, while Hormel Foods stays invested both financially and reputationally. It’s a calculated bet on focused acceleration without fully divesting.

What does this mean for the future leadership and strategy of Justin’s as a standalone brand?

Peter Burns, who led Justin’s as chief executive officer before the 2016 sale, returns to the same role under the new structure. His past leadership spans respected consumer-facing companies like The Hershey Company, Izze Beverage Company, and The Hain Celestial Group. He brings proven experience in scaling niche, health-forward brands without compromising on identity or product ethos.

Brand founder Justin Gold also returns, this time as strategic advisor and board member. His early-stage credibility and product DNA are expected to reinforce brand authenticity at a time when consumers increasingly scrutinize brand origin and values.

Supporting the leadership team is a slate of familiar faces and seasoned operators: 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—all of whom had previously worked at Justin’s. They are joined by David Ziegert and Randy Gilbride, who bring additional depth in packaged food strategy.

The presence of Val Oswalt on the board further bolsters credibility. Now chief executive officer of Kodiak and previously a senior executive at Mondelēz International and The Campbell Soup Company, Oswalt is a key link to Forward’s advisory base and adds operational gravitas.

Together, the team blends heritage, operational discipline, and strategic foresight, giving the reconstituted Justin’s a fighting chance to scale without diluting brand identity.

How does this partnership fit into Hormel Foods’ broader brand management strategy?

Hormel Foods is signaling that it no longer views brand ownership as a binary choice between full control or full exit. The Justin’s deal fits into a broader framework of “brand venture capitalism”—allowing focused teams and external capital to drive growth, while retaining exposure to upside and influence.

President John Ghingo of Hormel Foods explicitly noted that the deal “reflects how Hormel Foods is thinking differently about unlocking growth for our brands.” This suggests a potentially wider playbook of brand partnerships or spinouts, particularly for portfolio brands that risk being deprioritized within a sprawling conglomerate structure.

This isn’t Hormel Foods’ first foray into flexible capital structures. The company has previously experimented with innovation accelerators, minority investments, and venture arm partnerships. But the Justin’s model goes further by transferring control while still maintaining board participation and equity upside.

For Hormel, this approach could become a template for other brands in its $12 billion portfolio, particularly those in fast-evolving health and wellness segments where speed and authenticity matter more than legacy scale.

What is Forward Consumer Partners trying to build with Justin’s and its broader portfolio?

Forward Consumer Partners, which manages $425 million in committed capital from its debut fund (closed in 2023), is rapidly assembling a portfolio of differentiated consumer brands with strong followings and scalable potential. Other portfolio brands include Kodiak, Firehook, Bar Keeper’s Friend, Xochitl, and Via Carota Craft Cocktails.

The firm positions itself as a partner to brands that already possess resonance, and aims to help them professionalize operations, broaden channel reach, and innovate product lines. Its model leans heavily on consumer experience, operational focus, and collaborative capital—not just financial engineering.

The Justin’s acquisition fits squarely within this thesis. As managing partner Matt Leeds described it, Justin’s is a “textbook Forward asset.” The firm appears to favor products with clear founder stories, premium positioning, and untapped distribution or product innovation levers.

By combining Forward’s operating expertise and capital with Hormel Foods’ upstream relationships and institutional know-how, the new Justin’s entity will have access to both growth muscle and enterprise stability. It’s a blend many challenger brands never get—and one that could insulate Justin’s from common scaling pitfalls.

What execution risks and market headwinds does Justin’s still face in 2026?

Despite the strategic logic, execution will be complex. Justin’s is operating in a highly fragmented and increasingly price-sensitive category. Nut butters, confectionery snacks, and plant-based treats have all seen volatility due to commodity inflation, retail consolidation, and shifting consumer behavior.

Private labels are aggressive in the space, and premium brands now compete not just on ingredient quality but also on packaging innovation, direct-to-consumer engagement, and influencer-driven retail narratives. Shelf space remains a zero-sum game, especially at national grocery chains and natural food outlets.

Operationally, the brand’s transition to standalone status will require rapid reassembly of commercial operations, go-to-market strategies, and digital infrastructure—some of which were absorbed or shared under Hormel Foods. While legacy leaders are returning, continuity risk remains in supply chain execution, retailer negotiation, and working capital cycles.

On the demand side, Justin’s will need to walk the line between staying premium and avoiding price-point alienation. Brand equity is strong, but increasingly fickle consumer attention spans and health trends can make or break momentum.

Key takeaways on what the Justin’s joint venture means for brand strategy, food investors, and CPG rivals

• Hormel Foods has spun off Justin’s into a 51:49 joint venture with Forward Consumer Partners, enabling brand-level autonomy while retaining upside exposure.
• Founder Justin Gold and former CEO Peter Burns return in leadership roles, alongside a robust team with deep operational knowledge of the brand.
• The move reflects Hormel Foods’ evolving strategy to unlock brand value through flexible capital partnerships rather than full-scale integrations or divestitures.
• Forward Consumer Partners adds a premium health-snack asset to its consumer portfolio, reinforcing its thesis of scaling founder-led brands with high consumer equity.
• The reconstituted Justin’s business will require strong execution in a volatile market dominated by rising input costs and retailer power.
• Rivals in the natural snacks space will be watching closely to see whether founder-era autonomy combined with venture-style governance can deliver scalable results.
• This deal may serve as a new model for other legacy food conglomerates seeking to revitalize portfolio brands without losing long-term optionality.