Hormel Foods Corp., the Austin, Minn.-based maker of Skippy and Spam, has acquired Boulder-based nut butter company Justin’s.
Financial terms of the acquisition were not immediately disclosed.
“It’s a great family business, wonderful people,” said Peter Burns, president and chief executive officer of Justin’s. “We’ve gotten to know them, their core competencies. They own a great brand and are proficient in the natural and organic space.”
Justin’s will continue operating in Boulder as a subsidiary of Hormel, said Justin Gold, the namesake and founder of the maker of nut butter spreads and squeeze packs, and chocolate peanut butter cups.
Hormel officials could not be immediately reached for comment.
Hormel, through its position with Skippy peanut butter, will provide immediate operational benefits for the specialty nut-butter company, Gold said.
“And Hormel truly believes and supports the position of Justin’s in organics and sustainability,” he said.
Justin’s, which was founded more than a decade ago, has been a company held in high regard among the natural and organic industry circles.
The company has been highlighted as an entrepreneurial success story — from Gold making nut butters in his kitchen with a food processor and selling them at the Boulder County Farmers Market to the company’s products landing in starts retailers across the nation.
In 2013, Gold sold a minority stake of his firm to private equity company VMG Partners for $47 million.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
