Justin’s Nut Butters Acquired for $286 Million by Hormel
Hormel is building its plant-based portfolio and plans to push the nut butter brand to new markets.
May 20, 2016
Hormel Foods Corporation—the parent company of brands such as Skippy, Jennie-O, and SPAM—just announced its $286 million acquisition of nut butter brand Justin’s, LLC (Justin’s). The Colorado-based company—which makes vegan peanut, almond, and hazelnut butters along with dark chocolate peanut butter cups—will continue to operate out of its original Boulder headquarters as it receives funding from the food giant, a union founder Justin Gold said will help “make this an enduring and far-reaching brand.” President and Chief Operating Officer of Hormel James P. Snee echoed Gold’s sentiments. “We are excited to work together with the Justin’s team to bring these great products to even more consumers,” Snee said, “leveraging key Hormel Foods resources to drive continued innovation and growth to this on-trend category.” In a similar move, WhiteWave Foods recently acquired vegan companies So Delicious and Vega for $195 million and $550 million, respectively, and attributed their 2016 first quarter earnings 28-percent increase largely to their plant-based holdings.