Utz to go private in deal with Intersnack

HANOVER, Pa. – Utz Brands has agreed to be acquired by Germany-based Intersnack Group in a transaction valued at approximately $2.9 billion. The deal will take the century-old snack maker private and establish a new ownership partnership with the company’s founding family.

Under the definitive agreement announced Tuesday, Intersnack will acquire all outstanding Class A common shares of Utz for $14.25 per share in cash, a premium of approximately 91% over the company’s July 20 closing price. Following the transaction, Intersnack and the Rice and Lissette family will each own a 50% stake in Utz, combining the U.S. snack manufacturer’s heritage brands with those of one of Europe’s largest privately held snack companies.

The acquisition gives Intersnack its first major foothold in the U.S. savory snacks market and provides Utz with expanded resources in manufacturing, technology and product innovation to support its long-term growth strategy.

“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,” said Howard Friedman, chief executive officer of Utz. “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.”

Founded more than 100 years ago in Hanover, Pa., Utz has grown into one of the leading branded salty-snack manufacturers in the United States. Its portfolio includes Utz, Zapp’s, On The Border Chips & Dips, Boulder Canyon, and other brands sold through grocery, mass, club, convenience, and drug retailers nationwide.

Intersnack, which began as a German potato chip producer in 1968, operates in 31 countries across Europe, Asia, Australia, and New Zealand. The privately held company employs about 14,500 people and generated about $5 billion in sales in 2025.

For details, please visit the company’s website https://www.intersnackgroup.com.

Dylan Lissette, chairperson of the Utz board of directors, said the partnership unites two family-founded companies with shared values and a long-term approach to brand growth.

“For more than 100 years, Utz has made snacks that are enjoyed by consumers across the U.S.,” Lissette 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.”

Johan van Winkel, executive chairman of Intersnack Group, said the acquisition represents a strategic expansion into the U.S. market.

“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,” van Winkel 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.”

Utz’s board unanimously approved the transaction following the recommendation of a special committee of independent directors, which evaluated the proposal and other strategic alternatives. The deal is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals.

The transaction will be financed through approximately $920 million in cash from Intersnack, borrowings under new term loan and asset-based lending facilities, rollover equity from the Rice and Lissette family, and reinvestment of a portion of the proceeds from the settlement of the company’s tax receivable agreement.

After the closing, Utz will no longer be listed on the New York Stock Exchange. Dylan Lissette will become executive chair, and the company said it will maintain its longstanding commitment to the Hanover community.

Separately, securities law firm Bleichmar Fonti & Auld LLP announced it is investigating the proposed transaction on behalf of Utz shareholders to determine whether the merger negotiations or terms may have breached fiduciary duties. The firm noted that the Rice and Lissette family, which has agreed to vote shares representing approximately 42% of Utz’s common stock in favor of the transaction, will retain a 50% ownership stake in the privately held company after the deal closes, while public shareholders will be cashed out at $14.25 per share. The firm said it is encouraging current shareholders to contact it regarding their legal rights.