Hormel Foods is spinning off its Justin’s brand of nut butters and chocolate snacks through an investment agreement with Forward Consumer Partners. In a transaction that is expected to close by the year-end, the New York-based private-equity firm is taking a 51% stake in Justin’s, which will become a standalone company with a new CEO. Hormel Foods will retain a 49% interest, according to a statement, which did not disclose the financial terms of the deal. John Ghingo, the president of Minnesota-headquar ...