Utz Brands, based in Hanover, is being acquired by Intersnack Group GmbH & Co. KG, a leading, multinational snack manufacturer based in Germany.
Intersnack Group will acquire all outstanding shares of class A common stock of Utz for $14.25 per share in cash, or roughly $2.9 billion. This price represents a premium of approximately 91 percent over the July 20 closing price.
“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,” Howard Friedman, CEO of Utz, said. “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.”
Utz Brands, based in Hanover, manufactures a diverse portfolio of chips and snacks through its various brands, including Utz, On The Border Chips & Dips, Zapp’s, and Boulder Canyon, among others.
“For more than 100 years, Utz has made snacks that are enjoyed by consumers across the U.S.,” Dylan Lissette, chairperson of the Utz Board of Directors, said. “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.”
Germany-based Intersnack Group is one of the leading snack manufacturers in Europe and Oceania. They make a variety snacks, from potato chips and nuts to baked snacks and specialties. Their leading international brands include Funny-Frisch, Chio, POM-BEAR, Estrella, Hula Hoops, McCoy’s, Tayto, Tyrrells, Vico, Griffin’s and Whole Earth, among others.
“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,” Johan van Winkel, executive chairman of Intersnack Group, said. “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 transaction is expected to close in the fourth quarter of 2026, subject to various regulatory and shareholder approvals. After the deal closes, the Rice and Lissette Family and Intersnack Group will each own 50 percent of Utz. Dylan Lissette will assume the role of executive chair of Utz, and Utz will become a private company. Utz stock will no longer be listed on the NYSE.