Organic Food Business in Boulder Sold to Spam’s Parent Company for $286 Million
Boulder-based organic nut butter company Justin's LLC has sold to Hormel Foods for $286 Million.
The Daily Camera says the company will stay in Boulder, along with its present leadership team - including founder, Justin Gold.
The sale of Justin's follows the sale of other organic and natural companies to large corporations, like Annie's Homegrown to General Mills. This raises the question, "Has Justin's sold its soul to 'big, bad corporate America?'"
"In all fairness, I don't feel like Justin's is selling out," said Gold, who started the company by concocting nut butters in his own kitchen, originally selling it at the Boulder County Farmers Market. "I feel like Hormel is buying in."
Hormel, a Fortune 500 company, sells products under brands including Muscle Milk, Skippy, Spam, and Jennie-O, among others, and is sure to profit from younger, more health-conscious, and on-the-go consumers loyal to the Justin's brand.
As for holding on to the integrity of his company's values, Gold says Hormel "truly believes and supports the position of Justin's in organics and sustainability."