Pennsylvania-based snacks giant Utz will acquire the maker of Golden Flake potato chips in a deal worth about $141 million, the companies announced Tuesday.
Utz, which also includes the Zapp's and Bachman brands, said that the acquisition of Golden Enterprises will enable the company to expand in markets in the American South.
Golden Enterprises officials, meanwhile, said that they hoped to grow in their core markets in the southeast and bolster their product offerings.
The company will continue as a separate subsidiary and "be an important part of Birmingham, (Ala.)," as well as retain its current management team.
"Our company has viewed Golden Flake as a leader in the industry," said Utz CEO Dylan Lissette. "Their culture, quality line of products and dedicated people, through the vision and leadership that Mr. Bashinsky established, is a wonderful fit within our company."
The overall price reflects a cash payment of $12 per share to Golden Enterprises shareholders and $7 million in debt, according to AL.com.