AUSTIN, MINN. — Hormel Foods Corp. has agreed to acquire Justin’s, L.L.C., maker of Justin’s brand nut butter spreads, squeeze packs, peanut butter cups and snack packs. Financial terms were not disclosed.
|Jeffrey Ettinger, c.e.o. of Hormel Foods|
“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.
Justin’s will continue operating out of its office in Boulder, Colo., as a subsidiary of Hormel’s Grocery Products segment. The 12-year-old company offers products such as maple almond butter, chocolate hazelnut butter and pretzels snack packs, and organic white chocolate peanut butter cups.
|Justin Gold, founder of Justin’s|
“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.”
This isn't Hormel's first foray into peanut butter. The company acquired the Skippy brand from Unilever in 2013 for approximately $700 million. In recent years, Hormel has expanded its portfolio to include more multicultural items, offer more items with a healthy or holistic component and develop products that meet the needs of on-the-go consumers.