Private company
Who owns Joy Topco, L.P.
One company in the researched set discloses a stake in Joy Topco, L.P., worth $47m between them. Joy Topco, L.P. is private, so no 13F reports it: a 13F covers exchange listed positions only. These figures exist because each holder disclosed the stake in its own filings.
Joy Topco, L.P. - Profile
- Type
- private company
- Based in
- United States
- Founded
- 2025
Joy Topco is the holding partnership formed in December 2025 to carry the JUSTIN'S brand of natural and organic nut butters and chocolate confections as a standalone business, taking over from Justin's, LLC. The underlying company was started in Boulder, Colorado in 2004 by Justin Gold, who began grinding nut butters at home to fuel long days outdoors, and it now sells almond, cashew, peanut and hazelnut butters in jars and single serve squeeze packs alongside USDA certified organic peanut butter cups, distributed through grocery and natural food chains including Whole Foods Market, Sprouts, Wegmans and Target. Hormel Foods bought the brand in 2016 and carved it back out nine years later in a partnership with the consumer investment firm Forward Consumer Partners, which took control and installed a new chief executive while founder Justin Gold returned as a board member and strategic adviser.
Source
Joy Topco, L.P. files nothing with the SEC, so none of this comes from a filer record. The description was written for this site in August 2026 from Hormel Foods and Forward Consumer Partners Complete Transaction to Establish Justin's as a Standalone Company (Hormel Foods), Justin's (Wikipedia) and Hormel Foods Corporation Form 10-Q for the quarter ended 25 January 2026 (SEC). The ownership figures below come from the holders' filings instead, and are sourced row by row.
The disclosed stakes
One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.
Where each figure comes from
A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.
- Hormel Foods Corporation, as of 15 Dec 2025. Q2 FY2026 10-Q, Note B - Acquisitions and Divestitures and Note D - Investments in Affiliates: on 15 Dec 2025 the Company sold 51% of its equity interest in Justin's, LLC and related assets to Forward Consumer Partners, LLC for $77.3 million cash, deconsolidating Justin's; the Company 'recorded the remaining 49% equity interest in Joy Topco, L.P. at its estimated fair value of $46.3 million plus $1.1 million in capitalized deal costs in Investment in Affiliates' ($46.3m + $1.1m = $47.4m used here as value_usd, dated to the 15 Dec 2025 transaction rather than a subsequent quoted market price, since Joy Topco is private and the Company's other equity method investments (besides Garudafood) do not have readily determinable fair values). Ownership table in the same 10-Q lists 'Joy Topco, L.P. (1), Retail, 49%', footnote (1) explaining the origin. This is a newly created equity-method position not present in the FY2025 10-K (period ended 26 Oct 2025, before the 15 Dec 2025 transaction), which is itself evidence the 10-Q is the fresher filing here despite Hormel's late-October fiscal year end. source
What this page is not
It is not a complete register. It lists the holders who happen to be inside the researched set and disclosed the stake themselves. A private company can have many other shareholders, and nothing here rules them out: venture investors, founders and employees usually appear in no public filing at all. Percentages are of Joy Topco, L.P. where a holder stated one, and are missing where no holder did.