Hormel Foods and Forward Consumer Partners Complete Transaction to Establish Justin's as a Standalone Company

Rhea-AI Summary

Hormel Foods (NYSE: HRL) and Forward Consumer Partners completed a transaction on Dec 15, 2025 to make Justin's a standalone company.

Under the agreement Justin's will be owned 51% by Forward and 49% by Hormel Foods, and will include its nut butters and USDA-certified organic chocolate confections. Founder Justin Gold returns as a strategic advisor and board member, and Peter Burns will serve as chief executive officer alongside returning leaders Hunt Killough, Mark Doiron, and Jeff Perkel. Val Oswalt joins the new partnership board.

Positive

• New ownership split: Forward 51% / Hormel 49% (Dec 15, 2025)
• Justin's established as a standalone company
• Founder Justin Gold returns as strategic advisor and board member
• Peter Burns appointed chief executive officer
• Multiple former Justin's leaders (Killough, Doiron, Perkel) rejoining

Negative

• None.

Key Figures

Justin’s ownership 51% / 49% Forward stake vs. Hormel Foods stake in Justin’s standalone company

Insider sale 13,400 shares Director open market sale reported on Form 4 at $24 per share

Proposed sale value $321,600 Aggregate market value for 13,400 shares in Form 144 filing

Shares outstanding 550,107,295 shares Common stock outstanding noted in Form 144

Equity award 7,618 shares Restricted stock units to group vice president on Dec 9, 2025

Stock options grant 49,000 options Options to group vice president at $23.63 exercise price

CFO RSUs 12,696 shares Restricted stock units to interim CFO and Controller on Dec 9, 2025

CFO options 34,100 options Stock options to interim CFO at $23.63 exercise price

Market Reality Check

$24.00 Last Close

Volume Volume 5,063,227 vs 20-day average 5,504,651 (relative volume 0.92), showing typical trading activity. normal

Technical Shares at $24, trading below the 200-day MA of $27.5 and 28.99% under the 52-week high of $33.8.

Peers on Argus

Peers showed mixed moves: MKC up 1.06%, GIS up 0.43%, while SJM and PPC fell 0.64% and 0.88%, indicating stock-specific rather than broad sector momentum for HRL.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Earnings and guidance	Positive	+3.8%	Fiscal 2025 results, non-cash impairments, and fiscal 2026 guidance update.
Dec 03	Brand recognition	Positive	+0.8%	Named to Fast Company’s 2025 Brands That Matter list for marketing.
Dec 01	ESG/community program	Positive	+0.4%	Announcement of 2025 class of 10 Under 20 Food Heroes initiative.
Nov 24	Dividend increase	Positive	+1.7%	60th consecutive annual dividend increase to $1.17 per share.
Nov 17	Employer award	Positive	-1.6%	Best for Vets employer recognition for the 13th consecutive year.

Pattern Detected

Recent fundamentally or reputationally positive news has more often coincided with modest price gains for HRL, with one notable divergence on a positive employer-recognition headline.

Recent Company History

Over the last month, Hormel reported fiscal 2025 results with net sales of $12.1 billion and issued fiscal 2026 guidance, alongside a recognition on Fast Company’s 2025 Brands That Matter list and community-focused initiatives like the 10 Under 20 Food Heroes program. The company also announced its 60th consecutive annual dividend increase to an implied $1.17 per share. Today’s Justin’s partnership fits into this pattern of portfolio and brand-focused moves following earnings and capital allocation updates.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-12-05

On 2025-12-05, Hormel filed an effective Form S-3ASR universal shelf to issue senior unsecured debt securities over time. Terms like maturity and interest rate will be set in future supplements, and proceeds may support working capital, acquisitions, capital spending, debt repayment, stockholder returns, or other corporate purposes.

Market Pulse Summary

This announcement outlines a new structure for the Justin’s brand as a standalone company, with Forward owning 51% and Hormel retaining 49%. It fits alongside recent earnings, guidance, and dividend updates as part of broader portfolio management. Pre-news, HRL traded below its 200-day MA of $27.5 and 28.99% under the $33.8 52-week high. Investors may watch how this partnership shapes growth, margins, and future capital deployment under the Form S-3 debt shelf.

Key Terms

usda-certified organic regulatory

"category-leading products such as nut butters and USDA-certified organic chocolate"

"USDA-certified organic" indicates that a food product has met strict standards set by the U.S. Department of Agriculture for organic farming and processing. This certification ensures the product was produced without synthetic pesticides, genetically modified ingredients, or artificial fertilizers, much like how a product labeled as "fair trade" guarantees certain ethical standards. For investors, these products often appeal to consumers seeking natural options, which can influence market demand and company reputation.

restricted stock units financial

"received 7,618 shares of common stock as a restricted stock unit award"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

stock options financial

"was also granted stock options on 49,000 shares of common stock"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

form 4 regulatory

"reported an insider equity award for a group vice president. On December 9, 2025"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

form s-3 regulatory

"has filed a universal shelf registration on Form S-3 to allow it to issue"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

senior unsecured debt securities financial

"universal shelf registration on Form S-3 to allow it to issue senior unsecured debt securities"

Debt securities issued by a company that are not backed by specific assets but have priority over other unsecured creditors for repayment if the issuer defaults. Think of them as an IOU that places you ahead of most other unsecured lenders in line for repayment, though behind any secured lenders; they matter to investors because they balance higher priority (and thus lower risk) than subordinated debt with typically lower yields than secured loans.

sale-leaseback transactions financial

"including limitations on certain liens and sale‑leaseback transactions, events of default"

A sale-leaseback transaction is when an owner sells a property or asset and immediately rents it back from the buyer, like selling your house and signing a lease to keep living in it. For investors, it matters because the seller converts a fixed asset into cash while taking on a new rent expense, which can boost short-term liquidity but change long-term earnings, debt levels and risk profiles that affect valuation and creditworthiness.

indenture regulatory

"ability to modify indenture terms only with required bondholder consents"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

AI-generated analysis. Not financial advice.

AUSTIN, Minn. and GREENWICH, Conn., Dec. 15, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, and Forward Consumer Partners ("Forward"), a private investment firm focused on branded consumer products, today announced the completion of the previously announced transaction to form a new strategic partnership for the Justin's® brand.

Under the terms of the agreement, Justin's will operate as a standalone company, owned 51% by Forward and 49% by Hormel Foods. The business includes category-leading products such as nut butters and USDA-certified organic chocolate confections.

This transaction marks an exciting new chapter for the Justin's® brand, with the return of founder Justin Gold as a strategic advisor and member of the new partnership's board of directors, and former chief executive officer Peter Burns, who will serve as the new company's chief executive officer. Burns will work alongside a seasoned leadership team and board members who bring deep expertise in building consumer brands:

• Hunt Killough (chief growth & strategy officer), Mark Doiron (chief sales officer), and Jeff Perkel (senior vice president of marketing & e-commerce) return to Justin's, having previously served in leadership positions at the company prior to its sale to Hormel Foods in 2016.
• David Ziegert (chief operating officer) and Randy Gilbride (vice president of brand & commercial strategy) join the new partnership with extensive packaged foods experience and prior collaboration with Peter.
• Val Oswalt joins the new partnership's board of directors. Val currently serves as chief executive officer of Kodiak and is a founding member of Forward's advisory board. Val has an exceptional track record of building teams, brands, and businesses at The Campbell's Company, Mondelēz International Inc., and more.

"We are thrilled to welcome the Justin's® brand into the Forward family," remarked Matt Leeds, Forward's managing partner. "This is a beloved brand with incredible potential, and we look forward to supporting its continued growth and success in the years ahead."

"We are excited about the opportunity ahead for the Justin's® brand," said John Ghingo, president, Hormel Foods. "This new 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."

About the Justin's® brand
Established in 2004 in the home kitchen of health enthusiast Justin Gold, Justin's supports an on-the-go lifestyle with an extensive line of naturally delicious, high-quality nut butters, USDA-certified organic nut-butter cups and plant-based snacks. Justin's^® products are known for delivering delicious taste, a "one-of-a-kind" grind texture and convenient nutrition. For more information about how Justin's is building a collective that is "nuts" about making the world a more resilient, well-fed place, visit justins.com.

About Forward Consumer Partners
Forward is a private investment firm focused on powerful brands that make beloved products. The firm was created to help build enduring consumer businesses, providing each portfolio company with the partnership, resources, experience, and ambition to make progress toward its potential. Forward manages $425 million of committed capital through its debut fund, which closed in 2023. Forward's portfolio includes Kodiak, Justin's, Firehook, Xochitl, Bar Keeper's Friend, Via Carota Craft Cocktails, and Papatui. For more information, please visit forwardconsumer.com.

About Hormel Foods — Inspired People. Inspired Food.^™
Hormel Foods Corporation, based in Austin, Minnesota, is a global branded food company with over $12 billion in annual revenue. Its brands include PLANTERS^®, SKIPPY^®, SPAM^®, HORMEL^® NATURAL CHOICE^®, APPLEGATE^®, WHOLLY^®, HORMEL^® BLACK LABEL^®, COLUMBUS^®, JENNIE-O^® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of the best companies to work for by U.S. News & World Report, one of America's most responsible companies by Newsweek, recognized by TIME magazine as one of the World's Best Companies and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.^™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit hormelfoods.com.

Media Contact
press@forwardconsumer.com
media@hormel.com 

 

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SOURCE Hormel Foods Corporation

FAQ

What ownership structure did Hormel Foods and Forward announce for Justin's on Dec 15, 2025?

Justin's will operate as a standalone company owned 51% by Forward and 49% by Hormel Foods.

Who will lead Justin's after the transaction with HRL and Forward?

Peter Burns will serve as chief executive officer with founder Justin Gold as strategic advisor.

What product categories are included in the Justin's standalone business owned by HRL and Forward?

The business includes Justin's category-leading nut butters and USDA-certified organic chocolate confections.

When was the transaction creating Justin's standalone company completed?

The companies completed the transaction on December 15, 2025.

Which former Justin's executives are returning after the HRL and Forward deal?

Hunt Killough, Mark Doiron, and Jeff Perkel are returning to leadership roles at Justin's.

Will Hormel Foods retain any ownership of Justin's after the deal?

Yes, Hormel Foods retains a 49% ownership stake in the new Justin's partnership.