Intersnack to take Utz Brands private in US$2.9B deal
The all-cash deal will take Utz private and marks Intersnack’s first major expansion into the United States, strengthening its position in the global savory snacks market.
USA – Utz Brands Inc., one of America’s leading branded salty snack manufacturers, has agreed to be acquired by Germany’s Intersnack Group in a transaction valued at approximately $2.9 billion, including debt.
Under the terms of the definitive agreement, the Düsseldorf-headquartered savory snack giant will acquire all outstanding public Class A common stock of Utz for US$14.25 per share in cash.
The purchase price represents an approximate 91% premium over Utz’s closing stock price on July 20, 2026, delivering substantial immediate cash value to public shareholders.
Following the expected completion of the transaction in the fourth quarter of 2026, Utz stock will be delisted from the New York Stock Exchange.
Intersnack Group and entities controlled by Utz’s founding Rice and Lissette families will each hold a 50% equity stake in the privately held joint venture.
The acquisition marks a major strategic expansion for Intersnack, which generates roughly US$5 billion in annual sales across Europe, Asia, and Oceania, giving the multinational operator its first direct entry into the United States salty snack market.
The transaction is supported by a robust financing package, including approximately US$920 million in cash contributed by Intersnack Group, as well as borrowings under a new US$1.1 billion term loan facility and a US$250 million asset-based lending facility.
The Rice and Lissette families are reaffirming their long-term involvement through rollover equity and the reinvestment of proceeds from a US$44 million tax-related settlement.
Upon closing, Dylan Lissette, current Chairperson of the Utz Board, will become Executive Chair, while Chief Executive Officer Howard Friedman will continue to lead executive management.
Founded in 1921 in Hanover, Pennsylvania, Utz manufactures a diverse portfolio of beloved salty snacks, including Utz potato chips and pretzels, Zapp’s, On The Border chips and dips, and Boulder Canyon.
The business generated US$1.44 billion in revenue last year. Leadership from both entities highlighted their alignment as family-rooted companies, emphasizing that Intersnack’s international manufacturing, technical, and marketing capabilities will help accelerate Utz’s growth while continuing to support its historical roots and manufacturing base in Pennsylvania.
Johan van Winkel, Executive Chairman of Intersnack Group, said: “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 US 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 families, we see great potential to build on the company’s strong foundations and to work together to drive its successful development in the US market.”
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