Utz Brands has entered into a definitive agreement to go private in a transaction valuing the snack manufacturer at approximately $2.9 billion. Intersnack Group will acquire all outstanding shares of Utz Class A common stock for $14.25 per share in cash.
The purchase price represents an approximately 91% premium to Utz’s closing share price on July 20, 2026. Following completion, Intersnack and the Rice and Lissette family entities will each own 50% of Utz.
The Rice and Lissette family will roll over a significant portion of its existing ownership rather than sell its entire stake. This structure allows the founding family to retain substantial involvement while bringing in a global strategic partner with manufacturing, marketing and product-development resources.
Intersnack is a privately owned snack company with operations across Europe, Asia, Australia and New Zealand. The acquisition will provide Intersnack with its first significant presence in the U.S. snack market.
The company began as a German potato chip manufacturer in 1968 and has since expanded organically and through acquisitions. Its portfolio includes potato chips, nuts, baked snacks and other savory products sold under local and international brands.
Utz manufactures branded salty snacks through products including Utz, On The Border, Zapp’s and Boulder Canyon. Its products are distributed nationally through grocery stores, mass merchants, club stores, convenience stores, drugstores and other retail channels.
The companies expect Intersnack’s innovation, technology and manufacturing capabilities to support the continued growth of Utz’s brands. The partnership is also intended to combine Intersnack’s international experience with Utz’s established distribution and consumer relationships in the U.S.
Utz will remain headquartered in Hanover, Pennsylvania, and maintain its commitment to the surrounding community. The company said the transaction is expected to support continued investment in employees, manufacturing operations and long-term brand development.
Howard Friedman is expected to continue leading Utz as CEO. Dylan Lissette will become executive chair following completion of the transaction.
A special committee composed of independent and disinterested Utz directors evaluated Intersnack’s proposal and other possible strategic alternatives. The committee unanimously concluded that the all-cash transaction offered the best available combination of immediate value and transaction certainty for Class A shareholders.
Utz’s board approved the agreement following the special committee’s unanimous recommendation. The deal must receive approval from a majority of all outstanding Utz shares and a majority of 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 deal. The transaction is expected to close during the fourth quarter of 2026, subject to shareholder, regulatory and other customary approvals.
Intersnack plans to contribute approximately $920 million in cash to finance the transaction. The financing package also includes a new $1.1 billion term loan and a $250 million asset-based lending facility.
Additional consideration will come from the Rice and Lissette family’s rollover equity and the reinvestment of part of the proceeds from a $44 million tax receivable agreement settlement. After closing, Utz’s common stock will no longer trade on the New York Stock Exchange.
Citi is serving as lead financial adviser and exclusive adviser to the Utz special committee, while RBC Capital Markets is advising Utz. Sidley Austin is providing legal counsel to the special committee.
Sageworth is advising the Rice and Lissette family, with Cozen O’Connor serving as legal counsel. BofA Securities is Intersnack’s exclusive financial adviser and is providing committed debt financing, while Skadden is serving as legal counsel.
KEY QUOTES:
“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.”
Howard Friedman, CEO of Utz
“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.”
Dylan Lissette, Chairperson of the Utz Board of Directors
“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.”
Johan van Winkel, Executive Chairman of Intersnack Group
“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.”
Craig D. Steeneck, Chair of the Utz Special Committee
