Utz Going Private With Buy-in by Germany’s Intersnack Group
Utz Brands Inc., which has been public and privately held in its lifetime, is being taken private again, with Germany’s Intersnack Group buying all the public stock and the currently controlling Rice and Lissette families maintaining their holdings, giving each 50% ownership in the salty snack company.
The offer of $14.25 per share in cash represents a premium of approximately 91% over the July 20 closing price and an enterprise value of approximately $2.9 billion. The deal is expected to close by the end of this year.
Intersnack Group GmbH & Co. KG is a family-founded, privately owned, multinational snack company. Starting as a German potato chip producer in 1968, Intersnack Group has grown to become a leading snack manufacturer in Europe and Oceania.
Utz was founded in 1921 by William and Salie Utz, who made potato chips out of their home in Hanover, Pa., where the company is still headquartered. It went public in mid-2020. Utz has made a number of small acquisitions, especially this decade, and makes potato or corn chips and pretzels under the brands Utz, On the Border, Bachman, Zapp’s, Dirty, Golden Flake, Boulder Canyon, TGI Fridays Snacks and Tortiyahs!
Utz ended 2025 with sales of $1.439 billion but an $8 million net loss. 2024 saw a $31 million profit but 2023 ended in a $40 million loss.
“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 Utz CEO Howard Friedman.
“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,” said Johan van Winkel, executive chairman of Intersnack Group.
Following the closing of the transaction, Dylan Lissette, current chairman of Utz and a former CEO, will assume the role of executive chair of Utz, and Utz common stock will no longer be listed on the NYSE.
About the Author
Dave Fusaro
Editor in Chief
Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.