Intersnack Group to Take Utz Brands Private at $2.9B Transaction EV

Acquirer: Intersnack Group GmbH & Co. KG (Private)

Privately owned multinational savory-snack manufacturer with a portfolio spanning potato chips, nuts, baked products and specialties; brands include Chio, funny-frisch, Hula Hoops, McCoy's, Tayto, Tyrrells and Vico
Originated as a German potato-chip producer in 1968 and headquartered in Düsseldorf, Germany

Acquirer Financial Statistics

Mkt Cap: NA
EV: NA
LTM Revenue: NA
LTM EBITDA: NA
LTM EV / Revenue: NA
LTM EV / EBITDA: NA

Acquirer Advisor(s)

BofA Securities (exclusive financial advisor and committed debt financing provider)
Skadden, Arps, Slate, Meagher & Flom LLP (legal counsel)

Target Company: Utz Brands, Inc. (NYSE: UTZ)

Manufactures and distributes branded savory snacks, including Utz, On The Border, Zapp's and Boulder Canyon, through grocery, mass, club, convenience, drug and other channels across the U.S.
Founded in 1921 and headquartered in Hanover, PA

Target Financial Statistics

Transaction Equity Value: $2.1 billion (derived)
EV: $2.9 billion (announced transaction EV)
LTM Revenue: $1.448 billion
LTM Adjusted EBITDA: $219.3 million
Transaction EV / LTM Revenue: 2.0x
Transaction EV / LTM Adjusted EBITDA: 13.2x

Target Advisor(s)

Citi (lead financial advisor and exclusive financial advisor to the Utz Special Committee)
RBC Capital Markets (financial advisor to Utz)
Sidley Austin LLP (legal counsel to the Utz Special Committee)
Sageworth (financial advisor to the Rice and Lissette family)
Cozen O'Connor (legal counsel to the Rice and Lissette family)

Price/Consideration

$2.1 billion derived transaction equity value; $2.9 billion announced transaction enterprise value/Cash for Class A shares, with founding-family equity rollover

Deal Details

Announcement Date

July 21, 2026

Rationale

The transaction expands Intersnack into the large U.S. salty-snack market through Utz's national distribution platform and portfolio of established brands
Utz is expected to gain access to Intersnack's brand-building, manufacturing, technology and innovation capabilities while maintaining its Hanover presence
The structure preserves the Rice and Lissette family's long-term participation, with the family and Intersnack each expected to own 50% of Utz after closing
“Intersnack shares our vision for Utz,” said Howard Friedman, Chief Executive Officer of Utz

Deal Points

Intersnack will acquire all outstanding Utz Class A common shares for $14.25 per share in cash, an approximately 91% premium to Utz's $7.45 closing price on July 20, 2026
Derived transaction equity value is approximately $2.1 billion, calculated as $14.25 multiplied by 146,036,619 fully diluted shares. The fully diluted count comprises 88,537,061 Class A shares, 55,349,000 Class V shares, 1,315,958 RSUs, 834,600 PSUs, and zero incremental option shares under the treasury stock method at the $14.25 offer price
Quantified financing sources total $2.27 billion: approximately $920 million of Intersnack cash, a new $1.1 billion term loan and a new $250 million ABL facility. This is an incomplete sources subtotal because it excludes the undisclosed family rollover and the undisclosed amount reinvested from the $44 million tax-receivable-agreement settlement; it is not transaction EV, transaction equity value or cash paid to sellers. The transaction is not subject to a financing condition
The Rice and Lissette family, Dylan Lissette and certain affiliates committed shares representing approximately 42% of Utz common stock to vote in favor of the transaction
Closing is expected in the fourth quarter of 2026, subject to regulatory and other conditions, approval by a majority of all outstanding common stock, and approval by a majority of votes cast by disinterested stockholders
The independent Utz Special Committee unanimously recommended the transaction. Utz's board approved it unanimously among directors voting; Dylan Lissette and Timothy Brown abstained
After closing, Intersnack and the Rice and Lissette family are expected to own 50% each, Dylan Lissette will serve as Executive Chair, and Utz common stock will no longer trade on the NYSE

Financial data reflects the latest reported period available before the announcement: LTM through March 29, 2026. Transaction equity value is derived from the $14.25 offer price and 146,036,619 fully diluted shares; it is not an issuer-disclosed figure. The 2.0x and 13.2x figures are derived from the issuer-stated approximate transaction EV and reported LTM revenue and Adjusted EBITDA; they are not disclosed transaction multiples. Intersnack is private, so public-market valuation metrics are unavailable.