Hormel Foods Corporation (NYSE:HRL) today announced it has entered into a definitive agreement to acquire Justin’s (Justin’s), owner of the Justin’s brand and a pioneer in nut butter-based snacking. Justin’s markets four successful nut butter-based snack lines—spreads, squeeze packs, peanut butter cups and snack packs.
“Justin’s naturally delicious, high-quality nut butters, nut butter snacks and organic peanut butter cups align perfectly with our goal of complementing our existing brands with new offerings that resonate with younger, on-the-go and more health-conscious consumers,” said Jeffrey M. Ettinger, chairman of the board and chief executive officer at Hormel Foods.
“I am pleased to welcome Justin’s into the Hormel Foods family,” said James P. Snee, president and chief operating officer at Hormel Foods. “We are excited to work together with the Justin’s team to bring these great products to even more consumers, leveraging key Hormel Foods resources to drive continued innovation and growth to this on-trend category.”
“I look forward to working with the Hormel Foods team, a company that shares our passion for innovation, quality and creating the best possible consumer experience,” said Justin Gold, founder of Justin’s. “My goal has always been to build something truly special and Hormel Foods is the right partner to make this an enduring and far-reaching brand.”
Justin’s will continue operating out of its office in Boulder, Colorado, as a subsidiary in the company’s Grocery Products segment.
Hormel Foods was advised by HT Capital Advisors. Piper Jaffray & Co. was the exclusive advisor to Justin’s.
[Editor's note: The Denver Post reported Hormel paid $286 million for the transaction.]