Utz® Quality Foods, LLC, the U.S.’s largest privately held snack food company, today announced the completion of the acquisition of Golden Enterprises, Inc. by Utz Quality Foods, LLC.
Mark McCutcheon, Chief Executive Officer, Golden Enterprises, Inc.:
“This merger will allow the Golden Flake brand to continue to grow in our core southeastern markets, while expanding the product selections for our consumers. Utz is a very community oriented company, and we look forward to the future that Utz and Golden Flake will create together”
Utz Quality Foods, LLC is a privately held snack food company, founded in 1921 by William and Salie Utz. They began making potato chips out of their home in Hanover, Pennsylvania in much the same way Frank Mosher, Mose Lischkoff and Helen Freidman began Golden Flake in 1923. The Bashinsky family began their snack food legacy when they purchased the business in 1946. During their tenure the Company grew from a small local operation to the multi-state corporation it is today.
Dylan Lissette, Chief Executive Officer, Utz Quality Foods:
“We are excited about the opportunity to partner with Golden Flake.”
“The two companies are very similar both in mission and values, and each has a team of dedicated associates. Golden Flake’s product line, market coverage, and manufacturing facilities blend well with Utz’s desire to expand and grow our markets in the south.”
Both management teams recognize the value of the “plus one strength” gained from the synergies of each company. The Golden Flake product portfolio and production capabilities will complement the Utz portfolio, which includes: Utz, Zapps Potato Chips, “Dirty” Potato Chips, Bachman, Jax, Wachusett, Snikiddy and Good Health brands. “We are happy to move forward now that we have closed, with Utz and Golden Flake working together to promote more sales, and more brands, into the important southern markets we now serve.”
Golden Flake will operate as a wholly owned subsidiary under the leadership of its current management team and continue to be an important part of Birmingham as “The South’s Original Potato Chip!”.
North Point Advisors, LLC acted as financial advisor to Golden Enterprises. Sirote & Permutt, PC acted as counsel to the Special Committee of the Board of Directors of Golden Enterprises. Sandler O’Neill acted as financial advisor to Utz. Cozen O’Connor acted as legal counsel to Utz.