Intersnack Group to Acquire Utz Brands in USD 2.9 Billion Take-Private Deal

Utz Brands, Inc. (NYSE: UTZ), a leading U.S. manufacturer of branded salty snacks, and Intersnack Group GmbH & Co. KG, a leading multinational savory snack manufacturer, have announced a definitive agreement under which Intersnack Group will acquire all outstanding shares of Utz Class A Common Stock for USD 14.25 per share in cash.

The offer represents a premium of approximately 91% over the July 20, 2026 closing price and values the company at an enterprise value of approximately USD 2.9 billion. Upon completion of the transaction, Utz will become a private company, with the Rice and Lissette Family Entities and Intersnack Group each owning 50% of the business. 

Intersnack Group is a family-founded, privately owned multinational snack company. Starting as a German potato chip producer in 1968, the company has grown into one of the leading snack manufacturers in Europe and Oceania through organic growth, acquisitions, and strategic partnerships. 

Howard Friedman, Chief Executive Officer of Utz Brands:

"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. 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."

Dylan Lissette, Chairperson of the Board of Directors of Utz Brands:

"For more than 100 years, Utz has made snacks that are enjoyed by consumers across the U.S. We are excited to partner with the accomplished Intersnack team. We believe that Intersnack is a like-minded partner with similar family heritage and a deep appreciation of the power of beloved brands. They understand the importance of investing for the long term and the value of staying close to consumers and communities."

"We look forward to benefitting from Intersnack’s experience and broad resources as we drive our next century of success for the benefit of our customers, our associates, our suppliers and the communities we serve."

Johan van Winkel, Executive Chairman of Intersnack Group:

"Our partnership with the Rice and Lissette Family, and commitment to Utz, represents a compelling opportunity for Intersnack to expand our exposure into the large and attractive U.S. snacking market, where we do not currently have a presence. We have long admired Utz’s brands, its heritage and the strength of its team."

"Together with the Rice and Lissette Family and Utz’s management and associates, we see a tremendous opportunity to partner and build on Utz’s strong foundation and help shape the future of snacking in North America. The combination of Intersnack’s and Utz’s extensive experience makes us confident that this partnership will deliver meaningful benefits to all of our stakeholders."

Board Approval and Shareholder Support

A special committee of independent and disinterested Utz directors evaluated the proposal with the support of independent financial and legal advisors. Following the committee's unanimous recommendation, the Utz Board of Directors unanimously approved the transaction. Craig D. Steeneck, Chair of the Special Committee:

"This transaction is a great outcome for Class A common stockholders. Following Intersnack’s approach, the Special Committee thoroughly reviewed the proposal with the assistance of its advisors and determined that this premium, all-cash transaction provides immediate and compelling value for Class A common stockholders."

Transaction Details

The transaction will be financed through approximately USD 920 million in cash from Intersnack Group, borrowings under a new USD 1.1 billion term loan facility, borrowings under a new USD 250 million asset-based lending facility, rollover equity by the Rice and Lissette Family, and the reinvestment of a portion of the proceeds from the USD 44 million settlement of the Company's tax receivable agreement.

The transaction is expected to close in the fourth quarter of 2026, subject to customary regulatory approvals and other closing conditions, including approval by holders of a majority of Utz's outstanding common stock and a majority of the votes cast by disinterested shareholders.

The Rice and Lissette Family, Dylan Lissette, and certain affiliates have agreed to vote shares representing approximately 42% of Utz's common stock in favor of the transaction. Following completion of the transaction, the Rice and Lissette Family and Intersnack Group will each own 50% of Utz. Dylan Lissette will become Executive Chair of the company, and Utz common stock will no longer be listed on the New York Stock Exchange.