Utz Brands to be acquired by Intersnack Group in $2.9B transaction

Utz Brands (NYSE:UTZ) has agreed to beryllium acquired by Germany-based Intersnack Group successful a woody valued astatine astir $2.9 billion, including debt, with the transaction taking the US salty snack shaper backstage and expanding Intersnack's beingness successful the North American market.

Intersnack volition get each outstanding shares of Utz Class A communal banal for $14.25 per stock successful cash. The connection represents a premium of astir 91% to Utz's July 20 closing price.

Shares of Utz surged astir 90% to astir $14 connected Tuesday morning.

Following completion of the transaction, Utz volition go privately held, with the Rice and Lissette household entities and Intersnack each owning a 50% involvement successful the company. Utz communal banal volition nary longer beryllium listed connected the New York Stock Exchange.

Intersnack, a family-founded and privately owned multinational snack manufacturer, said the acquisition volition grow its vulnerability to the US snacking market, wherever it presently does not person a presence. The institution began arsenic a German murphy spot shaper successful 1968 and has since grown done integrated expansion, acquisitions and partnerships crossed Europe and Oceania.

"Our concern with the Rice and Lissette Family, and committedness to Utz, represents a compelling accidental for Intersnack to grow our vulnerability into the ample and charismatic US snacking market, wherever we bash not presently person a presence," Intersnack Group enforcement president Johan van Winkel said successful a statement.

Utz Chief Executive Howard Friedman said Intersnack's acquisition with brands, on with its marketing, manufacturing and exertion capabilities, would enactment the company's continued concern and maturation strategy.

"I person spent important clip with the Intersnack squad and person been impressed by Intersnack's heavy knowing of the snacking landscape, acquisition increasing distinctive and long-standing brands, and spot successful innovation," Friedman said.

The acquisition volition beryllium financed done astir $920 cardinal successful currency from Intersnack, borrowings nether a caller $1.1 cardinal word indebtedness facility, a caller $250 cardinal asset-based lending facility, rollover equity from the Rice and Lissette household and a reinvestment of proceeds from a $44 cardinal colony of Utz's taxation receivable agreement.

The transaction is expected to adjacent successful the 4th fourth of 2026. Following completion, Dylan Lissette volition presume the relation of enforcement seat of Utz, portion the institution said it volition proceed its committedness to the Hanover, Pennsylvania community.