Intersnack to buy Utz Brands for $2.9 billion in 91% premium deal

Germany's Intersnack Group agreed to acquire Utz Brands Inc. for $14.25 a share in cash, a 91% premium to the July 20 closing price, in a deal valued at about $2.9 billion that takes the Pennsylvania-based snack maker private.

"We have spent significant time with the Intersnack team and have been impressed by Intersnack's deep understanding of the snacking landscape, experience growing distinctive brands and strength in innovation," said Howard Friedman, chief executive officer of Utz. "Their marketing, manufacturing and technology capabilities will be invaluable as we continue to invest in our brands and accelerate our strategy."

The transaction will be financed through about $920 million in cash from Intersnack, a new $1.1 billion term loan facility and a $250 million asset-based lending facility. The Rice and Lissette family entities will roll over equity and reinvest a portion of proceeds from a $44 million tax receivable agreement settlement. Upon closing, expected in the fourth quarter of 2026 subject to stockholder and regulatory approvals, the family and Intersnack will each own 50% of Utz. Dylan Lissette, currently chairperson of the board, will assume the role of executive chair, and Utz's Class A common stock will be delisted from the New York Stock Exchange.

The deal gives Intersnack, a family-founded German snack manufacturer with about $5 billion in 2025 sales and roughly 14,500 employees across 31 countries, its first foothold in the U.S. salty snacks market — a category that generated more than $30 billion in annual retail sales. Intersnack's portfolio includes European and Oceanic brands such as funny-frisch, Chio, POM-BEAR, McCoy's, Tyrrells and Griffin's. Utz, whose brands include Utz, On The Border Chips & Dips, Zapp's and Boulder Canyon, distributes nationally through grocery, mass merchandiser, club, convenience and drug channels from its Hanover, Pennsylvania, headquarters, where it has operated for more than a century.

A special committee of Utz's independent directors, advised by Citi as lead financial advisor and Sidley Austin as legal counsel, evaluated the proposal alongside other potential alternatives and determined the all-cash offer delivered superior value for Class A 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," said Craig D. Steeneck, chair of the Special Committee. The Rice and Lissette family, holding about 42% of Utz's common stock, has committed to vote in favor. BofA Securities served as exclusive financial advisor to Intersnack and is providing committed debt financing, with Skadden Arps handling legal counsel. RBC Capital Markets served as a financial advisor to Utz.

For Intersnack, the acquisition marks a strategic expansion beyond Europe and Oceania into the world's largest snack market. The U.S. savory snacks category has grown at a compound annual rate of about 4 percent over the past five years, driven by shifting consumer eating habits and increased at-home consumption. The partnership structure — with the founding family retaining half ownership — mirrors Intersnack's own family-founded heritage and suggests a long-term investment horizon rather than a typical private equity exit timeline.

This article is for informational purposes only and does not constitute investment advice.