Utz Brands will appoint a new CEO following the closure of a $2.9 billion deal that will take the country's largest pure-play salty snacks company private.
John Lindeman will become CEO starting Dec. 1. He replaces Howard Friedman, who told Utz he plans to step down after the acquisition closes, following nearly four years at the helm.
The Pennsylvania-based company, which manufactures 3 million pounds of popcorn, cheese balls, pretzels and potato chips each week, said in July it would be purchased by German salty snacks maker Intersnack Group at an enterprise value of about $2.9 billion. Utz shareholders are expected to vote on the deal on Nov. 13, with the transaction expected to close later this year.
Lindeman is no stranger to Utz, having served on the company’s board since August 2020. He most recently worked as CEO of Calavo Growers, which was purchased by avocado rival Mission Produce.
“I am confident that John has the skills and expertise to lead Utz as we lay the groundwork for our next chapter,” Dylan Lissette, who will be assuming the role of executive chair at Utz once the deal closes, said in a statement.
Utz, which went public in 2020, said the merger brings together two companies with expertise in snacks, including popcorn and potato chips. The deal will also give Intersnack a foothold in the U.S. while potentially allowing Utz to expand internationally. The two companies operate in different geographies, with Utz in the U.S. and Intersnack in Europe and Oceania.
During its most recent quarter, Utz said net sales slipped 2.3% to $369.2 million as the company was “impacted by industry-wide headwinds that intensified,” including inflation and weaker consumer spending, Friedman said.
