Intersnack Group agreed on 21 July to acquire all publicly held Class A shares of Utz Brands for $14.25 each in cash, valuing the Hanover, Pennsylvania-based snack maker at an enterprise value of about $2.9bn.
Why Intersnack Group GmbH & Co. KG is buying Utz Brands, Inc.
Intersnack, which has no US presence, said the partnership gives it exposure to the large US snacking market. Utz, whose brands include Utz, On The Border, Zapp's and Boulder Canyon, said Intersnack's marketing, manufacturing and technology capabilities would help it invest in its brands.
“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”
Deal terms and financing
The price is a 91% premium to the 20 July close of $7.45. The deal is funded by about $920m of cash from Intersnack, a new $1.1bn term loan, a $250m asset-based facility and rollover equity from the Rice and Lissette families, which hold about 42% of the voting shares and have agreed to support it. A special committee of independent directors negotiated the transaction.
Regulatory approvals and timing
Completion requires regulatory clearances and approval by a majority of all outstanding shares and of disinterested holders at a special meeting on 13 November 2026; closing is expected in the fourth quarter.
Market context
Intersnack, founded as a German potato chip producer in 1968, operates in 31 countries with 2025 sales of about $5bn, according to Just Food. Utz's 2025 sales rose 2.1% to $1.44bn while its shares had fallen 27.6% this year before the bid.
