Snacks maker Utz Brands Inc. will be acquired and become privately owned under an agreement announced Tuesday by company officials.
Under the proposal, German snacks company Intersnack Group would acquire all outstanding shares of Utz common stock in a deal valued at about $2.9 billion. Following that transaction, Intersnack and the founding family of the 105-year-old Pennsylvania chip maker would each own a 50% stake in the business.
Utz officials said that the company would benefit from the “experience and broad resources” of Instersnack, which has become “a leading snack manufacturer in Europe and Oceania.”
“I have spent significant time with the Intersnack team and have been impressed by Intersnack’s deep understanding of the snacking landscape, experience growing distinctive and long-standing brands, and strength in innovation,” Utz CEO Howard Friedman said in the announcement. “Intersnack shares our vision for Utz, and their marketing, manufacturing and technology capabilities will be invaluable as we continue to invest in our brands and accelerate our strategy.”
Intersnack, meanwhile, would make its debut in the “large and attractive U.S. snacking market.”
“We see a tremendous opportunity to partner and build on Utz’s strong foundation and help shape the future of snacking in North America,” said Intersnack Group Executive Chairman Johan van Winkel.
The deal is expected to close in the fourth quarter of the year, pending regulatory clearance and other closing conditions — including approval by Utz shareholders.
