Utz Brands will be taken private in a deal valuing the salty snack maker at approximately $2.9 billion, with Germany’s Intersnack Group acquiring all outstanding Class A common stock for $14.25 per share in cash.
The price represents a premium of roughly 91 percent over the July 20 closing price. When the transaction closes, expected in the fourth quarter of 2026, Intersnack and the Rice and Lissette family entities will each own 50 percent of the Hanover, Pennsylvania-based company, and Utz stock will be delisted from the New York Stock Exchange.
The deal gives Intersnack, a leading savory snack manufacturer in Europe and Oceania with no current U.S. presence, entry into the American market. Utz brands include Utz, On The Border Chips & Dips, Zapp’s and Boulder Canyon, distributed through grocery, mass, club, convenience and drug channels.
“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,” said Howard Friedman, CEO of Utz.
Founding family retains half ownership
Dylan Lissette, chairperson of the Utz board, will become executive chair after closing. The Rice and Lissette family, Dylan Lissette and certain affiliates have committed to vote shares representing about 42 percent of Utz common stock in favor of the deal.
“We believe that Intersnack is a like-minded partner with similar family heritage and a deep appreciation of the power of beloved brands,” Lissette said. “They understand the importance of investing for the long term and the value of staying close to consumers and communities.”
Johan van Winkel, executive chairman at Intersnack Group, said the partnership expands the company’s reach into the U.S. snacking market.
Special committee review
A special committee of independent and disinterested Utz directors formed in response to Intersnack’s interest evaluated the proposal alongside other alternatives. The Utz board approved the transaction unanimously among voting directors on the committee’s unanimous recommendation.
“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,” said Craig D. Steeneck, chair of the special committee.
Financing includes about $920 million in cash from Intersnack, a new $1.1 billion term loan, a new $250 million ABL facility, rollover equity from the family and reinvestment of part of the proceeds from a $44 million settlement of the company’s tax receivable agreement.
Closing is subject to regulatory conditions and approval by holders of a majority of outstanding common stock and a majority of votes cast by disinterested stockholders. Utz said it will release second quarter results Aug. 5 but will not hold an earnings call.
Intersnack Group, founded in 1968 as a German potato chip producer, employs about 14,500 people in 31 countries and generated sales of roughly $5 billion in 2025. Its brands include funny-frisch, Chio, Pom-Bear, Hula Hoops, McCoy’s, Tayto and Tyrrells.