Dive Brief:
- Utz Brands is being purchased by German salty snacks maker Intersnack Group at an enterprise value of about $2.9 billion. Each outstanding Utz share will be exchanged for $14.25 in cash.
- After the deal closes, Utz will become a private company. Intersnack and the Rice and Lissette Family Entities, descendants of Utz’s founding family, will each own 50%.
- The transaction is expected to close in the fourth quarter, subject to regulatory approval. Dylan Lissette, who previously was Utz’s CEO until 2022, will assume the role of executive chair of Utz.
Dive Insight:
Just over six years after going public in what was the biggest transformation move in its history, the 105-year-old Utz is shaking things up again. The sale to Intersnack removes the pretzels, puffs, and chips maker from the glare of Wall Street's public spotlight while enabling Utz to maintain the family ownership that has been a key part of its business since its founding.
The combination brings together two companies with expertise in snacks, including popcorn and potato chips. Utz and Intersnack, however, operate in different geographies, with Utz in the U.S. and Intersnack in Europe and Oceania. The deal will give Intersnack a foothold in the U.S. while potentially allowing Utz to expand internationally.
“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.
Utz, which owns its namesake chip brand in addition to On the Border, Boulder Canyon and Zapp’s, generated roughly $1.4 billion in sales as the U.S.’s largest pure-play salty snacks company. Intersnack is a much larger company, generating sales of around $5 billion in 2025 from its portfolio of 30 brands.
“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 in a statement. “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.”
In an interview with Food Dive earlier this year, Utz CEO Howard Friedman said the company isn’t trying to upend snacking giants like PepsiCo. Instead, the greatest opportunity in the $32 billion salty snacks market comes from Utz’s ability to grab market share away from smaller, regional players that aren’t generating the level of growth or investment desired by retailers.
The merger with Intersnack could give Utz larger scale, deeper financial resources and global reach.
Utz traces its roots to a small kitchen in Hanover, Pennsylvania, in 1921, when William and Salie Utz began making potato chips in their kitchen. The snack maker, which churns out more than 3 million pounds of popcorn, cheese balls, pretzels and potato chips each week, is heavily concentrated in the Northeast, Mid-Atlantic and Gulf but has been growing its reach into other markets such as Florida and California.
