Hormel Foods Announces Acquisition of Justin's® Specialty Nut Butter Brand

AUSTIN, Minn.--()--Hormel Foods Corporation (NYSE:HRL) today announced it has entered into a definitive agreement to acquire Justin’s, LLC (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 their office in Boulder, Colo., as a subsidiary in the company’s Grocery Products segment.

Hormel Foods will provide further comment about this deal on the company’s second quarter earnings call on May 18, 2016, at 7:00 a.m. CDT, which can be accessed at hormelfoods.com on the investor’s page.

Hormel Foods was advised by HT Capital Advisors. Piper Jaffray & Co. was the exclusive advisor to Justin’s.

About Hormel Foods
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. Hormel Foods, which leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace, will celebrate its 125th anniversary in 2016. The company is a member of the Standard & Poor's (S&P) 500 Index, S&P 500 Dividend Aristocrats, and was named one of “The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the seventh year in a row. Hormel Foods also received a perfect score on the 2016 Human Rights Campaign Foundation’s Corporate Equality Index, was recognized on the 2016 Best for Vets Employers List by Military Times, and was named one of the 2016 Best Companies for Leaders by Chief Executive magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com and http://2014csr.hormelfoods.com/.

About Justin’s
Justin’s makes naturally delicious, high-quality nut butters, nut butter snacks and organic peanut butter cups that deliver great taste, unique texture and convenient nutrition. Established in 2004 in the home kitchen of health enthusiast Justin Gold, Justin’s supports an on-the-go lifestyle and strives to make a difference everywhere, basing its values on four fundamental pillars: Nourish, Nurture, Inspire and Educate. The first brand to market nut butters in single-serve squeeze packs, Justin’s nut butters are finely crafted with a one-of-a-kind grinding process to create an exceptional texture and flavor experience. All seven varieties offer 4-8 grams of protein per serving and are great for snacking anytime of the day. In the confection category, Justin’s Dark, Milk and White Chocolate Peanut Butter Cups are USDA-certified organic and are made with Rainforest Alliance Certified™ cocoa. And now, perfect for dipping, scooping and devouring, Justin’s Snack Packs are available in three delicious nut butter and pretzel combinations, as well as two peanut butter and banana chip combinations (the first of its kind). For more information, please visit Justin’s at Justins.com,Facebook.com/JustinsNutButter and Instagram.com/Justins

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information based on management’s current views and assumptions. Actual events may differ materially. Factors that may affect actual results include, but are not limited to: whether and when the required regulatory approvals will be obtained, whether and when the closing conditions will be satisfied, whether and when the transaction will close, whether and when the Company will be able to realize the expected financial results of the transaction, and how customers, competitors, suppliers and employees will react to the transaction. Please refer to the cautionary statement regarding Forward-Looking Statements and Risk Factors that appear on pages 30 - 35 in the company’s Form 10-Q for the quarter ended January 24, 2016, which can be accessed at www.hormelfoods.com under “Investors-SEC Filings.”

Contacts

Hormel Foods Corporation
Wendy A. Watkins, 507-437-5345
media@hormel.com

Contacts

Hormel Foods Corporation
Wendy A. Watkins, 507-437-5345
media@hormel.com